For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
Gains & Losses
This article describes a few key aspects of virtual currency phenomena, their tax ramifications, and what tax practitioners need to know about them.
Tax treatment of individual owners of bitcoin and other virtual currencies held for personal use or investment
Tax preparers will need to be proactive in helping their clients identify and report any potentially taxable transactions.
This article is a semiannual review of developments in individual federal taxation, including issues of alimony, trade or business expenses, and recognition of loss.
This item summarizes the current law and discusses the facts and analysis in a recent case.
The IRS and taxpayers have struggled with what constitutes a real property trade or business.
This article is a semiannual review of recent developments in the area of individual taxation.
Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.
A number of recent significant developments affect taxation of individuals.
Court rejected doctor's deduction of passive activity losses carried forward from the years when he treated the interest as a nonpassive activity.
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
This item explores the underlying federal income tax issues that accompany disregarded entities acting as borrowers in lending transactions.
Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional and material participation rules.
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
Forms W-2G do not necessarily capture all of a taxpayer’s gambling winnings and losses for the year.
Proposed rules clarify and modify previous regulations regarding Sec. 409A nonqualified deferred compensation plans.