CoinTracker’s Post

The partnership between TaxNodes and Polygon Technology is a game-changer for crypto taxpayers and NFT enthusiasts alike.  It's a seamless integration of decentralized finance (#DeFi) and non-fungible tokens (#NFTs) in tax filing. With TaxNodes incorporating Polygon's NFT exchange data, filing taxes for crypto investments has never been easier. As a #bonus, eligible taxpayers get a #free Polygon-backed #NFT, providing a glimpse into the exciting world of blockchain-based art ownership. This collaboration marks a significant step towards wider NFT adoption and showcases the potential of blockchain technology in shaping the #future of #finance and #art. https://lnkd.in/gJmpWkvu

𝗗𝗼 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘁𝗵𝗲 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝘀𝘀𝗲𝘁𝘀 𝗼𝗻 𝗨𝗦 𝘁𝗮𝘅𝗮𝘁𝗶𝗼𝗻? The rise of digital assets has created new considerations for US taxpayers. Cryptocurrency, NFTs, and stable coins are just a couple of examples of digital assets, a rapidly evolving area in the financial world. In this post, I'll break down everything you need to know about digital assets in a clear and concise way. I'll cover what they are, how you might use them in your daily life, and most importantly, how to report them on your tax return. 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝘀𝘀𝗲𝘁𝘀? Imagine a valuable item that exists only in the digital world. That's a digital asset! It's a digital representation of something that has worth, secured by special technology to prevent fraudulent copying. Let’s read more.. There are different types of digital assets, including: ▪ 𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲: This is a digital form of money like Bitcoin or Ethereum. You can use it to buy things online or trade it for other currencies. ▪ 𝐒𝐭𝐚𝐛𝐥𝐞-𝐜𝐨𝐢𝐧𝐬: These are cryptocurrencies pegged to a real-world asset, like the US dollar, to minimize price fluctuations. ▪ 𝐍𝐨𝐧-𝐅𝐮𝐧𝐠𝐢𝐛𝐥𝐞 𝐓𝐨𝐤𝐞𝐧𝐬 (𝐍𝐅𝐓𝐬): These are unique digital tokens representing ownership of something, like artwork, music, or even virtual land. 𝗛𝗼𝘄 𝗱𝗼 𝗽𝗲𝗼𝗽𝗹𝗲 𝘂𝘀𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝘀𝘀𝗲𝘁𝘀? Digital assets can be used for various purposes, including: 🔹 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠: Some people invest in digital assets hoping their value will increase over time. 🔹 𝐁𝐮𝐲𝐢𝐧𝐠 𝐚𝐧𝐝 𝐒𝐞𝐥𝐥𝐢𝐧𝐠 𝐆𝐨𝐨𝐝𝐬: A growing number of online stores accept cryptocurrencies as payment. 🔹 𝐂𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐧𝐠: Artists and creators can use NFTs to sell their work and collectors can own unique digital pieces. 𝗧𝗮𝘅𝗲𝘀 𝗮𝗻𝗱 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝘀𝘀𝗲𝘁𝘀: The US government is keeping a close eye on digital assets, and you'll need to report any income you earn from them on your tax return. This includes things like: ➡ Selling digital assets for a profit. ➡ Receiving digital assets as payment for goods or services. ➡ Earning rewards in digital assets (like through mining). _______________________________ 𝗣𝗦: Respond with "𝐘𝐄𝐒" if you're interested in learning a comprehensive guide on 𝗛𝗼𝘄 𝘁𝗼 𝗿𝗲𝗽𝗼𝗿𝘁 𝗶𝗻𝗰𝗼𝗺𝗲 𝗳𝗿𝗼𝗺 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗮𝘀𝘀𝗲𝘁𝘀 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻. I will try my best to guide you in detail. Stay tuned for more valuable information! #DigitalAssets #Bitcoin #NFTs #Cryptocurrency

Unraveling NFT Tax Complexity 🧩 Dive into the depths of NFT sales tax intricacies. In my latest video, we decode the complex world of NFT taxation, where blockchain data, diverse tax rules, and innovative business models converge. 🌐 NFT Tax Landscape: Beyond the Surface The NFT market is a hub of creativity, but beneath lies complex NFT sales taxes. Join us as we venture into this terrain to understand its complexities. 💼 Cracking the NFT Tax Code NFT taxation goes beyond the surface, influenced by blockchain data and evolving tax laws. We decode these intricacies for NFT creators, collectors, and businesses. 🚀 Web3 Accounting and Tax Challenges Web3 tech is transforming our digital world. Discover how NFTs fit into this, echoing early cryptocurrency tax challenges. 📊 Adapting to the Tax Evolution Blockchain data, tax laws, and NFT models shape the tax landscape. We shed light on these forces and how they impact NFT taxation. 🔗 Connecting Past, Present & Future Weaving together blockchain, tax laws, and business models, we help you navigate the complex world of NFT taxation.

↪️ Glassnode opts out of the crypto tax game, selling its software to Blockpit AG, shifting focus to DeFi and institutional offerings. The shift reflects Glassnode’s intent to delve deeper into institutional-grade analytics and decentralized financial services. #crypto #defi #blockchain

**Digital Assets and Your #1040 Did you deal in #digital #assets this year? The Internal Revenue Service is paying close attention to digital assets in 2024. In our latest blog, we will discuss: 🔹 What qualifies as a digital asset 🔹 How to report digital asset transactions on #Form1040 🔹 The impact of digital asset activities on your #taxliability Digital assets include: 1.      Cryptocurrencies like #Bitcoin or #Ethereum. 2.      #NFTs (Non-Fungible Tokens). 3.      Stablecoins, pegged to #fiat currencies. 4.      Utility Tokens for blockchain services. 5.      Security Tokens representing #ownership. #Transactions involving these assets can include receiving, selling, or earning them. Digital asset activities affect tax liability through: 1.      Capital Gains or #Losses 2.      Ordinary #Income 3.      Self-Employment #Tax 4.      Taxable #Transactions 5.      #Recordkeeping ** #CaseStudy: Digital Assets and Form 1040 **Scenario: John Smith and Jane Doe are married and file jointly. They invested in digital assets this year, including some cryptocurrency trading and an #NFT purchase. **Digital Asset Transactions: 1.      John received $3,000 as payment for freelance work in #Bitcoin. 2.      Jane sold an #NFT for $5,000, which she initially bought for $2,000. 3.      They both received $2,000 worth of a new #cryptocurrency as a reward for holding onto another coin. Reporting on Form 1040: **#Income Reporting: ·      John’s freelance earnings in Bitcoin are considered #taxable income and should be reported on line 1. ·      Jane’s NFT sale results in a capital gain of $3,000, which should be #reported on line 7. ·      The $2,000 reward they received is also considered income and should be reported on line 8. **Taxable Amount: ·      John and Jane’s total taxable income from digital assets would be $8,000. **Filing Status: ·      They select "Married filing jointly." **Digital Asset #Disclosure: ·      They check "Yes" on the digital assets question to disclose their activities. #Conclusion Understanding how digital assets affect your taxes is crucial for accurate filing. Stay informed and use expert advice from INDGenius Accounting to ensure #compliance and avoid costly #mistakes. Internal Revenue Service #DigitalAssets #CryptoTax #IRS #TaxFiling #Accounting

Interesting the latest developments rev IRS and Crypto. However, anyone with a half of a brain could have seen it coming. What is required is for the community to lobby for Crypto as a medium of exchange. This can be tricky, as if for example I hold ETH for use on the Ethereum protocol, or for that matter simply as a hedge against fiat currency. Why should one be taxed for not wanting to see their fiat have less purchasing power? As awful as it sounds, that constitutes a capital gains. It then lends itself for creative minds to achieve the same objective without being that of holding a Crypto asset for the sole purpose of such an asset increasing in value, only to sell such an asset purely for profit. It is here that I saw the opportunity that though not directly created for such a problem, that solved such a problem as well. It is the creation of Crypto economics 3.0 along with Tokenomics 3.0 solely for the utility use case of public goods and services. Surely the IRS will now have prove why additional taxation is required, say as the case of tokenization of sn Amazon, and an Ebay business model, for surely, the consumer, the seller of such tokenized goods and services, are certainly not holding Cryptocurrency purely as a speculative asset. *** "In early January, Markus also revealed that he had to sell some of his Ethereum to pay taxes for selling NFTs in 2022. Back then, the ETH price was $1,190, and right after he sold his "bunch of ETH," the price of the second largest crypto jumped by roughly 20%, reaching $1,220" Read more on U.Today https://lnkd.in/e4gcMQSz https://lnkd.in/e4gcMQSz

The Internal Revenue Service (IRS), the leading tax authority in the United States, recently released Revenue Ruling 2023-14, providing clarity on the taxation of income derived from crypto staking. Learn more: https://lnkd.in/dFUJPt_9 Follow us for latest news! https://lnkd.in/gV5A3Wvg #Web3 #Blockchain #Crypto #NFT #Metaverse #SecurityToken #Defi #DigitalAsset #STO Founded in 2017, Coinstreet is an award-winning professional advisory and consulting firm in the Digital Asset sector, covering four key business segments including : (1) TOKENIZATION BUSINESS – Digitized Securities & Security Tokens (STO); (2) ASSET MANAGEMENT – Custodian, DeFi, Investment Funds; (3) WEB3, METAVERSE & UTILITY TOKENS – NFT, Stablecoin, Loyalty Tokens; and (4) ECOSYSTEM DEVELOPMENT – Education, Awards, PR, Events, Marketing. Follow us - https://lnkd.in/gV5A3Wvg

🔄 Strategic Shift: Glassnode Divests from Bitcoin Tax Software 🔄 Glassnode, a leading crypto intelligence firm, has strategically sold its crypto tax platform, Accointing, to Blockpit, a European compliance firm. This undisclosed multi-million dollar deal allows Glassnode to pivot towards providing advanced Digital Asset Intelligence Solutions, particularly for institutional clients and the DeFi sector. 📊 As the crypto landscape evolves, Glassnode's move underscores the growing importance of specialized data and tools for navigating the complex DeFi space. Blockpit's consolidation of Accointing further cements its vision for a unified crypto tax platform in Europe, just as new regulations like CARF and DAC8 are set to increase scrutiny on crypto transactions. For a deeper dive into this significant industry move, read the full story on Cointelegraph: https://lnkd.in/gZSgX2NN #Crypto #Blockchain #Finance #Regulation

TaxNodes, a crypto tax computation and expert-assisted ITR filing platform today announced complimentary Non-Fungible Tokens (NFTs) for all eligible customers filing Income Tax Return through their platform. This announcement is an effort by TaxNodes to bring more users into the realm of Web3.0, and show gratitude to Indian taxpayers for staying compliant and filing their taxes on time using the platform. Read more: https://lnkd.in/dUskEK8t #cryptocurrency #nft #tax #platform #FinancialIT

Just tried using a few services and I'm utterly surprised. Why are crypto projects, specifically designed for the crypto community, not offering crypto subscriptions? Messari, CryptoQuant, and many others - what's the holdup, folks? Just take a look at how easy it is to integrate crypto subscriptions - https://lnkd.in/dmmB8xMv Let's bridge the gap and make the crypto experience seamless for everyone! 🚀