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Crypto exchanges may report a transaction as short-term or long-term based on when the asset was transferred onto the exchange. That can create a reporting mismatch when crypto was bought elsewhere, moved through private wallets, and held for more than a year before being sold. In this episode, Cl…
The answer depends on what actually happens to the asset during the bridge. In this episode, crypto tax expert Clinton Donnelly explains why different bridging methods can produce different tax outcomes. A wrapped asset may not create an immediate taxable event if the original asset remains locked …
If you have traded on BitMEX, BitMart, AscendEX, or another cryptocurrency exchange that is closing operations, download your transaction history before you lose access. Without those records, it may become much harder to prove your crypto cost basis for tax purposes. Missing transaction data can a…
The National Taxpayer Advocate has proposed four changes intended to help cryptocurrency investors correct reporting mistakes, understand the tax rules and reconstruct missing transaction records. But do these recommendations address the real problems crypto taxpayers face? Clinton Donnelly, EA, ex…
The IRS has officially classified certain abusive Charitable Remainder Annuity Trust arrangements as listed transactions. CRAT strategies have been promoted to crypto investors and other owners of highly appreciated assets as a way to claim a charitable deduction, receive annuity payments, and pote…
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