My List of Crypto Tax Questions
1.) Are crypto transactions pre-2018 like-kind transactions?
2.) If you invested in an ICO through a SAFT, what is the cost basis for the token?
3.) Can you participate in a syndicate and pool money as an investment club? SPV? LP?
3a.) If someone invests through a SAFT, but pools money, is the person signing the SAFT responsible for all taxes or can they distribute the taxes to pool members? How?
3b.) Is the taxable event when you send to the pool or when the syndicate leader sends to the SAFT address?
4.) How do wash sales work for crypto?
5.) How do you report transactions from a DEX if it doesn’t store records of transactions?
6.) How do you report privacy coin transactions?
7.) If there is a theft or loss, is it based of your original cost basis or the fair market value at the time of loss?
8.) Do you have to file a FBAR for using a foreign exchange? For using a hardware wallet?
9.) Can you share a wallet with a friend or family member?
10.) Is giving a gift of 1 eth first considered cashing out into USD and therefore a taxable event before the gift?
11.) Are you able to choose between FIFO, LIFO, HIFO, or Specific Identification?
12.) If you want to cash out a token into USD but you first have to go through ETH to cash out on Coinbase, does FIFO apply in this situation, forcing you to cash out your oldest ETH?
13.) Are unwanted airdrops taxable? What is the cost basis? What if you are spammed with unwanted airdrops?
14.) Is the Bitcoin Cash cost basis when the fork happened or when it was airdropped by Coinbase? Is the cost basis for a forked coin always $0?
15.) Can you file as a 474 MTM day trader even though crypto is considered a property?
16.) Is changing a place holder token like EOS into a main net coin a taxable event?
17.) How do you treat transaction fees for just sending crypto between wallets?
18.) Are transfers considered taxable events? Coinbase seems to think so.
19.) How would using a ETH lending platform like SALT, Sweetbridge, or Maker, be looked at tax wise? Is it considered cashing out and a taxable event?
20.) How do you calculate taxes for margin or futures trading?
21.) Is it a company expense if you use utility tokens like ETH to make your dapp function?
22.) Can you write off investing in a non profit coin on your taxes?
23.) What is the cost basis for someone that was given a Bitcoin? What is the cost basis for someone who inherits a Bitcoin?
24.) Is it possible to invest in crypto through a Self-Directed Roth IRA so you don’t have to pay any taxes on capital gains one day?