Everyone is jumping on the modern day gold rush of trading cryptocurrency without fully understanding the tax implications involved. Unfortunately, this is exacerbated by the fact that most tax professionals can’t distinguish between an exchange and a wallet. The resulting lack of knowledgeable crypto tax professionals has both new and veteran traders alike seeking dangerous tax advice from anonymous strangers on the internet.
As one of the handful of consultants in the country with an Advanced Crypto Tax Expert (ACT-E) certification--along with 38+ years of business and tax consulting--My Tax Guy In Houston is uniquely qualified to craft your ideal tax solution. Whether your financial goals involve protecting earnings or leveraging losses, My Tax Guy In Houston is the crypto partner that you need.
Reporting Trades In Annual Tax Filing
Even if you never “cashed out” any of of your trading gains, you’re still required to report all trading activity as part of your annual tax filing. Failing to report this activity can result in up to $5,000 in fines and penalties per year of unreported trading. Even if you have not reported past trading activity, it’s not too late--we can quickly bring you into compliance and minimize the damages.
Protecting Gains, Leveraging Losses
At My Tax Guy In Houston, we help you keep the money that you’ve earned from smart crypto trading decisions. Even if you fell victim to an untimely downswing and lost money while trading, then we can still help you leverage those losses and minimize your risk exposure on next year’s taxes. Don’t risk leaving money on the table from unreported losses, or sacrifice your earnings to federal penalties and fines.
Filing FBAR Reports
Were 100% of your cryptocurrency trades executed through United States-based exchanges? If not, then you’re probably required to file a report of Foreign Bank and Financial Accounts (commonly referred to as “FBAR”). This is one of the most overlooked filing requirements, and the easiest for the IRS to successfully prosecute.