Nifty News: Sandbox LAND on Polygon, ETH Earns Tax Loss and More… | Cryptocurrency

An NFT trader has passed a supposed tax depreciation “masterclass” by booking a profit of 74.2 ETH for a loss of $52,000, and print-on-demand company Pixels.com has rolled out NFT merch support. A popular Ethereum-based Metaverse gaming platform, The Sandbox has unveiled a bridge that allows users to transfer their virtual LAND and native SAND … Read more

IRS Treatment Of Cryptocurrency For The 2021 Tax Year And Beyond

IRS Treatment Of Cryptocurrency For The 2021 Tax Year And

Cryptocurrency plays a larger societal role, from personal income tax, retirement/estate planning, transactions, and even professional athlete salaries. Those engaged in the crypto market will want to know how to comply with current tax laws and how to navigate the tax rule changes regarding crypto that are expected to arrive. Advertising While crypto enthusiasts have … Read more

This Turkish Crypto Exchange Plans To Foray Into The Indian Market; Welcomes 30% Tax, 1% TDS Rule

Bitay, which already has 1 million users, has already set up its office in Gurgaon, India. The latest data from Chainalysis showed that India ranked second among the biggest users of cryptocurrency in the world in October 2021. The report also pointed out that the Indian crypto market grew by 641% in June 2021. Advertising … Read more

Tips for Claiming Tax Losses from the US Internal Revenue Service

Tips for Claiming Tax Losses from the US Internal Revenue

The volatility in crypto is nerve-wracking, and it may not be over yet. The turmoil can make crypto investors and crypto-related businesses less enthusiastic than when prices always seemed to be climbing. With the market falling off a cliff, there will be big losses to claim on your taxes, right? Not necessarily. As your US … Read more

Portugal: A 28% tax on bitcoin and crypto

Portugal’s Finance Minister has announced that cryptocurrency enthusiasts must take into account a capital gains tax of 28%. The effective date of this new tax has not yet been announced. When is the party over? For a long time, the crypto community saw Portugal as the promised land because the government was lenient with cryptocurrency. … Read more

Tax Investigators Identify Potential $1 Billion Crypto Ponzi Scheme, Reports Say

International tax authorities have identified more than 50 leads of potential crypto tax crimes that could lead to official investigations in the coming weeks, including one case that may be a billion-dollar Ponzi scheme. US tax authorities said on Friday they were following separate leads in scams focused on things like non-fungible tokens and other … Read more

Germany Just Formalized Benevolent Crypto Tax Guidelines

Germany confirms its position as the European leader in crypto. The Federal Ministry of Finance has just published the first national guidelines on the tax treatment of cryptos and the least we can say is that they are rather benevolent for the retail investor. Individuals exempt from tax on cryptos Across the Rhine, the tax … Read more

Crypto | Crypto Fund: Tykhe Block Ventures Launches $30 Million Crypto Fund; Finding a 30% tax too high: Prashant Malik

As the acceptance of crypto investments increases in India, crypto funds are becoming mainstream. Tykhe Block Ventures is an emerging local crypto company that aims to manage $30 million by the end of the year. “A delay in crypto adoption in India could simply increase the country’s brain drain,” said Prashant MalikFounder and General Partner … Read more

Bitcoins, NFT… how to declare them to the tax authorities? – Better Live Your Money

If you sold cryptocurrencies in 2021, you must report your earnings to the tax authorities, if you sold “NFTs” as well. The point on the declarations that you must complete. Pending the tax reform which will come into force on 1er January 2023, the gains you made in 2021 from the occasional sale of digital … Read more

Two Senators Detail New Crypto Legislation To Create Capital Gains Tax Exemption

Senators Cynthia Lummis (R, WY) and Kirsten Gillibrand (D, NY) are proposing a tax exemption up to a certain level on capital gains on cryptocurrencies, under new legislation coming to regulate cryptocurrencies. “We’ve come up with $600 to start with, but in particular we’re sharing our bill with a number of our constituents so we … Read more