CryptocurrencyDo I Need A Tax Advisor For Bitcoin

Do I Need A Tax Advisor For Bitcoin


In The United States

A great question.

I mean, if you haven’t sold any of your stack yet, and probably haven’t incurred a taxable transaction, then why would you need to consult a professional tax advisor? You’re a HODLer; you have diamond hands. You’ll never sell. So, do you need to involve a tax pro?

Short answer: Yes. Mainly because you don’t know what you don’t know.

Purchasing, or receiving, Bitcoin has tax implications. Most everyone who buys Bitcoin dreams of selling it someday for a huge stack of fiat dollars. That’s right, converting it back to fiat, even if it’s just to diversify the portfolio. And in that case, you’ll need to have good records at your disposal. Records of your cost basis, in order to compute your capital gains.



Source link

Latest News

Biggest US retailers cut prices as inflation hits shoppers

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly...

Amazon Alexa’s big AI upgrade could require a new subscription

It’s no secret that Amazon is busy overhauling Alexa with generative AI, but a new report from CNBC...

Fani Willis Cites Appearance On Rachel Maddow In Primary Victory Speech

Fulton County DA Fani Willis was interviewed by Rachel Maddow the night before the Democratic primary and she...

Why we still don't know exactly how bird flu is spreading between cows

Early evidence suggests that a bird flu virus called H5N1 may be infecting dairy cows through contaminated milking...

14 Outdoor Decorating Mistakes to Avoid This Year

Designing a picture-perfect outdoor space goes beyond simply arranging furniture and plants. It’s about creating a functional, inviting...

Ireland, Norway, Spain, recognize Palestinian statehood : NPR

Good morning. You're reading the Up First newsletter. Subscribe here to get...

Must Read

Israeli War Cabinet Member Says He’ll Resign Unless There’s A New War Plan By June 8

DEIR AL-BALAH, Gaza Strip (AP) — Benny Gantz,...

U.N. Relief Chief Says Gaza’s Aid Shortages Will Bring ‘Apocalyptic’ Consequences

The United Nations humanitarian chief warned on Sunday...
- Advertisement -

You might also likeRELATED
Recommended to you