We specialize in tax planning related to digital currencies. This includes calculating the gains and losses resulting from the sale or exchange of digital currency for your income tax return. Under IRS Notice 2014-21, digital currency dispositions will be treated as as a sale of property, as opposed to an exchange of a currency.
Therefore, as an example, if you use bitcoin to purchase an item, a tax calculation has to be made to determine the tax gain or loss related to the disposition of the currency for that purchase.
Our New York tax law firm offices are located in New York State but we are able to help you in any state across the country. We can work with you no matter where you live. Mr. Hart is licensed to deal with the IRS in every state in the entire country.