Innovative Legal Solutions Involving Cryptocurrency And Taxes
Technological advances have brought new and innovative ways to invest that have the potential to revolutionize the financial industry, like cryptocurrencies. However, these alternatives also pose new challenges to legislators, law enforcement and anyone who may want to invest in virtual currencies.
If you plan to invest or are already investing in cryptocurrencies, we can help you with the tax part of it at VB Tax & Trust, in Chino Hills. Keeping your transactions in compliance with the IRS is vital. However, it might be difficult to know when you should answer yes to the Form 1040 question about cryptocurrency. We can help.
Navigating New Types Of Investments
Our goal is to help you make the most of your investment while you stay in compliance with the law. Therefore, we will discuss your investment goals to determine how we can assist you. We have a deep understanding of the market and will help you navigate through the complexities of the market in California.
We are ready to help you with the following:
- Sell virtual coins and assist you in learning whether you have a short- or long-term capital gain and how to report it to the IRS
- Help you keep your transactions trackable for tax purposes
- Assist you in your mining transactions and calculate the resulting income tax
- Guide investors in trading coins, how to save money and record the corresponding transactions
- Help you make interest if spiking your virtual coins
- Keep your transactions transparent to prevent flagging due to potential criminal activity
Cryptocurrencies are subject to taxation as they are treated as capital gains by the IRS. However, there might be unique rules that apply to them that require understanding relevant tax laws and the rules behind virtual coins. If you are an investor, we will also help you keep your transactions transparent and up to date to facilitate your record-keeping.
Let Us Help You Keep The Transparency Of Your Transactions
Cryptocurrencies may be a profitable investment with the right legal help. Have knowledgeable legal guidance through complex transactions and comply with the IRS. Call 909-414-3378 or stay online and send us an email. We can meet in person or virtually.