Now in the digital age we have cryptocurrency like Bitcoin, Ethereum, Litecoin, Ripple, etc. Due to their nature they operate, it brings tax compliance. Even though they are treated like property, there are special rules and regulations regarding virtual currencies and digesting the rules to get the most out of your investment is our number one priority.
Crypto / virtual currencies require very detailed and tidy accounting. The CPA Dude can help in organizing your crypto by:
- Establishing basis
- Determining fair market value
If you are selling, buying, and trading cryptocurrency there are different tax treatments on it depending on how long you held it for. The CPA Dude can help:
- Calculate long term vs short term capital gains and losses
- Asses mining requirements