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Crypto investors want to comply with tax rules but aren't sure how
5+ mon, 1+ week ago (407+ words) A recent report has found that the majority of cryptocurrency holders are aware transactions are taxable and want to comply, but struggle with actually doing so. Cost basis calculations seem especially devilish for crypto investors. The report noted that exchanges…...
Depreciation, recapture and the illusion of tax savings
7+ mon, 1+ day ago (461+ words) Depreciation is often seen as one of the most attractive tools in tax planning. By allowing the gradual deduction of the cost of business assets, it creates an immediate sense of tax savings. In the short term, the effect is…...
Current developments in taxation of individuals: Part 2
10+ mon, 1+ week ago (1032+ words) Sec. 183 generally bars any deduction of expenses of an activity not engaged in for profit that exceed the gross income derived from the activity. Thus, losses from an activity classified as a hobby instead of a business may not offset…...