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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Taxes: Bitcoin Investors Get An Additional Month To File From IRS

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
crypto taxes IRS bitcoin tax

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Created by industry experts and meticulously reviewed
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Bitcoin and other crypto assets are in a bull market, and anyone who bought in during 2020 is in some serious profit for the tax year. Lucky for them, however, is that the IRS has extended the tax filing deadline in the United States, giving investors a bit more time to get their statements reconciled, and reporting organized.

Here’s all crypto investors need to know about the tax deadline extension, and what that they need to report.

Breaking Down The Bitcoin Tax Burden You Might Not Be Aware Of

Investing in cryptocurrencies like Bitcoin, Ethereum, and altcoins is so simple, anyone can do it by downloading Coinbase or Cash App and making a few swipes and clicks.

Despite the accessibility, these are assets that are serious business when it comes to accounting and taxes. Any return on investment earned on cryptocurrencies by cashing out, is immediately a taxable event involving capital gains.

Related Reading | Why US Crypto Investors May Need To Consider Amending Past Tax Returns

Each trade made between one type of coin to another, every time BTC is spent on goods, and even some wallet transfers can be considered taxable events. Airdrops, if and when sold, are an entirely taxable capital gain.

The rate at which capital gains are taxed also vary based on a variety of factors, such as short or long-term.

bitcoin irs crypto tax

If you bought coins between the two lines, then you could owe capital gains taxes | Source: BTCUSD on TradingView.com

Simply put, the laws and processes surrounding cryptocurrencies are a real sore spot on the technology currently, and are confusing at best. Congress members have blasted the IRS in the past, but tax code has yet to be updated to match the emerging technology, even though filing documents now require you to disclose if you hold such “virtual” assets.

Failing to disclose, or disclosing improperly, can lead to fines, or worse. Luckily, the IRS has extended the tax filing deadline in the United States until May 17, 2021, from the normal April 15 deadline.

The IRS commissioner claims that the move was done to “help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax-administration responsibilities.”

This gives crypto investors another month to get their statements in order.

What To Do If You Still Haven’t Prepared Your Crypto Taxes

Procrastinators sighing in relief and wondering where to now begin can turn to tax prep services like Bitcoin.tax, or can consult with any certified CPA for guidance. Bitcoin.tax plugs into popular exchange APIs like Coinbase and Binance, doing some of the footwork and accounting for you, however, you’ll need to track any airdrops and other transactions manually using the software.

Related Reading | If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS

For those that have bought Bitcoin, but done nothing but hold, you’ve got nothing to worry about right now. Simply buying and holding crypto isn’t a taxable event itself.

But if and when you do sell your coins of any kind, whether its into Bitcoin or altcoins, or back into cash, you’ll have some reporting to do at the end of the tax year, in which you’ll still want to hold onto the above intel for when you eventually need it.

We’ve done our very best to provide some guidance on who needs to report what, but there’s no substitute for advice from a certified CPA who understands crypto tax law. Be certain you understand all reporting requirements, as only you are ultimately responsible for your taxes.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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