Surgent's Nuts & Bolts of Cryptocurrency Taxation

Overview

Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the US and institutions have also shown increased interest in this space. The rising popularity of cryptocurrency and the inclusion of the virtual currency question on the front and center of Form 1040 have made cryptocurrency a subject that tax practitioners cannot afford to ignore anymore. This course is designed to walk you through tax implications of common cryptocurrency-related transactions (trading, mining, spending, staking, etc.) and how to successfully service clients affiliated with cryptocurrency by using a tool like CoinTracker. This session also covers current developments surrounding this topic and some of the unique tax planning opportunities in the crypto space such as tax loss harvesting without being subject to wash sale rules, tax lot ID optimization (FIFO, LIFO and HIFO), self-directed IRAs, etc.