A Tax Professional's Guide to
Digital Currency Taxation
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What’s Included?
- Overview of IRS treatment of cryptocurrencies as property, leading to tax obligations on sales, swaps, or disposals.
- Five strategies for reducing tax liability on cryptocurrency transactions.
- Specific Identification Method: Allows taxpayers to identify and sell specific units to minimize taxes.
- 0% Long-Term Capital Gains Rate: Advanced planning to sell units within the 0% tax bracket.
- Amending Prior Year Returns: Opportunity to claim refunds by changing accounting methods.
- Harvesting Losses: Sell losing positions to offset gains without the wash loss rule applying to crypto.
- Donating or Gifting Appreciated Cryptocurrency: Avoid capital gains tax by donating to charity or gifting to others.
Matt Metras: Digital Currency
Tax Expert
Matt Metras, EA is the owner of MDM Financial Services in Irondequoit, NY. He has been practicing since 2003 and specializes in bookkeeping and taxation for cryptocurrency clients. He has instructed on Cryptocurrency Taxation for the National Association of Enrolled Agents and NY Society of Enrolled Agents. Additionally, he is an administrator of the “Bitcoin & Cryptocurrency Tax Info” Facebook group and a moderator of the r/cryptotaxation subreddit. Matt is also a passionate community advocate and serves on his local Board of Education.
