Deduct Crypto Trading Losses From Taxes with Cointracking

For anyone who bought Bitcoin and other cryptocurrencies when their prices were high, there’s a silver lining around the gray state of crypto markets now. Any losses taken could place traders in a lower tax bracket. What’s more, claiming those losses is made easy with Cointracking. 

Crypto Taxes 101: How Does it Work?

For the purposes of taxation, the US and most other governments consider cryptocurrencies to be assets. This means that whenever cryptocurrency is traded, the transaction falls into one of two categories: a capital gain or a capital loss. 

  • Capital gain. A capital gain occurs when cryptocurrency is sold for more than the amount that you paid to purchase it.
  • Capital loss. If cryptocurrency is sold for less than the amount that it was paid for it, this is considered to be a capital loss.

Traders have to sell or buy an asset to trigger a taxable gain or loss. Once the move has been decided, tax authorities consider the loss to be “realized.” If the loss is great enough, the trader may be able to use it to enter a lower tax bracket.

Deducting Crypto Losses 

One of the biggest benefits of claiming a loss is that it can offset income gained from other sources. In the US, the IRS lets the public deduct up to $3,000 worth of net capital losses each year from the amount of money they earn through their job. If the amount lost was greater than $3,000, another deduction of up to $3,000 can be applied to an annual tax return. 

Individuals who earn over $50,000 at their job could find that a $3,000 cryptocurrency loss could place them in a lower tax bracket, and result in thousands of dollars of tax savings. Additionally, any income through stocks or the sale of property, is not subject to a deduction limit. 

Making Life Easier 

Calculating losses when it comes to cryptocurrency can be a headache at the best of times, due to the volatile nature of these assets ‘value’. Fortunately, there is software available that can crunch all the tax data required to make this process much easier. 

The CoinTracking.info tool can import all transactions from any cryptocurrency wallet or exchanges. The intuitive interface walks the user through how to do the imports. At the end of the import process, users can download IRS form 8949, which will do all that is needed by the user to report any losses. Other download options include CSV, TaxACT and TurboTax

The great news here is that anyone who has lost money in the crypto market is now eligible to offset some, (or perhaps even all) of those losses at the end of the tax year. Reporting capital losses might help users move to a lower tax bracket. If deductions qualify our users for a lower bracket, filing them could save thousands of dollars when it comes to the form submission phase. 

Visit CoinTracking.info for more information.

Cointracking is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

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CryptoCoin.PRO Presents the Virtual Blockchain Summit 2020 – The World’s First Tokenized Event

Bitcoin Press Release: CryptoCoin.Pro have announced the world’s first tokenized blockchain event, the 2020 Virtual Blockchain Summit, which will run from June 11th – 12th.

8th June 2020, location – Blockchain is growing fast, so fast that just staying up to date with current events is a challenge in itself. The new global landscape of 2020 has only added to this challenge, making the physical attendance of such events a foregone conclusion. Despite these challenging obstacles, innovative people and companies will always find a way. 

In order to create something of value and magnitude, people of different backgrounds but with similar values must connect, gather and debate the hottest topics of today. 

CryptoCoin.PRO, organizers of the Virtual Blockchain Summit are proud to announce that they have successfully managed to circumvent today’s challenges, and organize the 2020 edition of their global event. This will be achieved with a technological twist using Streams.live video-streaming solution.

The organizers of the Virtual Blockchain Summit have been working on this solution so that the world can have a seat at the table with some of the best people in the industry. Attendees will be able to engage and connect with top professionals from the blockchain, venture capital, fintech, and payment spheres. 

What makes the Virtual Blockchain Summit stand out from other events?

In addition to bringing everyone together for Blockchain Summit 2020, CryptoCoin.PRO have decided to implement blockchain technology in the event itself. 

The Virtual Blockchain Summit 2020 is the world’s first tokenized event. This means that each speaker participating at the event will receive ownership tokens in the company that organizes VBS, thanks to the tokenization technology from Tokeny Solutions, used by CryptoCoin.PRO, to tokenize an event for the very first time.

Tokenization is a technology that goes hand-in-hand with blockchain technology. It is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token. The banking industry has adopted tokenization to protect sensitive card data or other financial information.

The Virtual Blockchain Summit will use blockchain-based tokenization, allowing the organizers to create a unique business environment. This new concept in the event industry is a contribution that will probably spur other innovations in the future.

The event panelists include names such as: 

  • Miko Matsumura – EverCoin
  • Henri Arslanian – FinTech Association
  • Beniamin Mincu – Elrond Network
  • Daniel Coheur – Tokeny Solutions
  • Sergiu Draganus – CryptoCoin.PRO FIAT<>Crypto ( event host )

The entire list can be read on the event’s page at: https://www.vbs.live

This even offers the world the chance to have a seat at the table with some of the best names and leaders from the blockchain industry. Technologically, Virtual Blockchain Summit is living a dream. Innovation sprouts at almost every corner of every street.

Check VBS.LIVE  to register for FREE to attend the Virtual Blockchain Summit 2020 edition and take a seat at the table.

CryptoCoin.Pro

CryptoCoin.Pro – is a FIAT<>Crypto Payment and Withdrawals service provider via GUI & API / Credit Card and Bank Transfers. It aggregates a full set of compliant flows and processes helping blockchain projects to bypass their challenges and bottlenecks related to FIAT<>Crypto integrations.

Tokeny Solutions

Tokeny Solutions enables mid-cap companies, marketplaces, investment banks, funds, asset managers and distributors to dematerialize assets on the blockchain, allowing them to reach a global audience, enforce compliance obligations, enable automation and increase operational efficiency.

The Luxembourg-based FinTech company is the market-leader in delivering an institutional grade, modular end-to-end platform, allowing for the issuance, transfer and servicing management of tradable digital assets/security tokens, such as tokenized loans, structured notes, equity and funds. Tokeny has issued multiple tokenized offerings across five continents with further security offerings imminent.

Register for Virtual Blockchain Summit 2020 Editionhttps://www.vbs.live

Media Contact Details

Contact Name: Sergiu Draganus

Contact Email: on@vbs.live

Virtual Blockchain Summit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz: As the world’s first cryptocurrency and Bitcoin PR service and newswire, Bitcoin PR Buzz has helped over 800 satisfied clients to reach their goals during its 7 years of service. To get your project featured on some of the world’s top Crypto and mainstream news sites, visit Bitcoin PR Buzz today.

 

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