Digital Assets Archives - FREE Yourself from IRS Problems

Shamsey Oloko January 16, 2025 Digital Assets, Form 1040, Income, Income Tax, Income Tax Return, New York Property Tax, New York Sales Tax, New York State Tax, Tax Fraud, Tax fraud & evasion, Taxable Income, Uncategorized 0

Tax Implications of Owning Digital Assets in New York: What the Latest IRS Guidance Means for You

Owning digital assets such as cryptocurrencies, NFTs, and stablecoins can feel exciting and full of possibilities. Yet, recent changes in IRS guidance may affect the way you buy, sell, and hold these assets in New York. Many people who trade…

Shamsey Oloko February 27, 2023 Capital Gains, Capital Losses, Digital Assets, Income, Income Exclusions, Income Tax, Income Tax Return 0

What Are Digital Assets?

In 2014, the IRS issued guidance explaining that virtual currency is treated as property for income tax purposes. It stated that tax principles applicable to transactions involving other types of property apply to virtual currency. In the last two years, the…