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LISBON PORTUGAL Lisbon Italy Portugal Almada Lisboa Region outranking New York
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☆ 25% of Gen Zers say they'll need a therapist to deal with tax filing stress—here's the first step to take to make it easier
  + stars: | 2024-04-01 | by ( Annie Probert | ) www.cnbc.com   time to read: +4 min
You will receive a W-2 form from your employer if you worked for a paycheck or earned at least $600 in 2023. You can find the 1099-INT form by logging into your bank account and following directions to tax documents. But even if you don't get a form from your exchange, "that doesn't mean you don't need to report it," says Pianoforte. The IRS's frequently asked questions on crypto transactions is also helpful for answering more detailed questions about how to report crypto on your taxes. Form 1098-TIf you're paying college tuition, a 1098-T form will help determine which education-related tax credits you're eligible for.
Persons: doesn't, Pianoforte, filers, Read, haven't, you've, Douglas Boneparth Organizations: Internal Revenue Service, NEC, cryptocurrency, CNBC, Bone
☆ Earned money from crypto or NFTs? 5 times you need to report it to the IRS, according to a CPA
  + stars: | 2024-03-29 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +1 min
Whether you're an active cryptocurrency trader or you've dabbled in the word of virtual currency, the IRS wants to know. This year, the term "digital assets" replaced "virtual currencies," which was used in previous years. The IRS defines digital assets as "a digital representation of value recorded on a cryptographically secured distributed ledger or similar technology." It names crypto, stablecoins and non-fungible tokens as examples. "If you're in the crypto space and you do any transactions, it's really hard for you to say no for that question," he tells CNBC Make It.
Persons: Shehan Chandrasekera Organizations: IRS, CNBC
☆ What it's like in Europe's popular crypto haven Portugal as the U.S. cracks down
  + stars: | 2023-09-09 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +19 min
They understood the importance of self custody of bitcoin, bitcoin on bitcoin blockchain, not on other chains." Sunrise over Lisbon, Portugal Alexander Spatari | Moment | Getty ImagesThe San Francisco of EuropeA walk through Portugal's capital feels eerily similar to a stroll in San Francisco. "This makes Portugal a really attractive place for crypto users to live," explained Shehan Chandrasekera, a CPA and head of tax strategy at crypto tax software company CoinTracker.io. The only exception to the country's generous crypto scheme relates to companies registered in Portugal that deal in crypto. Cyclists photographed in Lisbon, Portugal, in October 2018.
Persons: Alexander Spatari, PORTUGAL —, maximalists, Lorenzo Primiterra, He's, Peter Pan, Primiterra, Terra Luna, bitcoin, solana, Greenfield, Portugal Alexander Spatari, Jemson Chan, Chan, CNBC Guy Young, Seb True, CNBC Seb, True, That's, it's, bitcoiners, I've, Stephen Knowles, cryptocurrencies, Shehan Chandrasekera, Katie Ananina, Ethena's Young, —, Deley, Deley doesn't, that's, Didi Taihuttu, They've, Taihuttu Organizations: Campo Pequeno, maxis, CNBC Software, CNBC, titans, Securities and Exchange Commission, British, Abril, European, CPA, Cyclists, European Union, D7, Companies, Algarve Locations: LISBON, PORTUGAL, Lisbon, Italy, Portugal, Almada, Lisboa Region, outranking New York, Berlin, Singapore, European, Sunrise, San Francisco of Europe, San Francisco, bitcoin, Europe, Crypto, U.S, Egypt, Asia, Switzerland, it's, Puerto Rico, Australia, Canada, Ghent, Belgium, cryptocurrency, Cryptocurrencies, Lisbon's, Lagos, Angeles, Algarve
☆ You may owe taxes on your crypto investments — here are 3 things to know
  + stars: | 2023-03-25 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +3 min
Since 2014, the IRS has treated virtual currency as property for federal income tax purposes, according to the agency's website. Similar to stocks, crypto is subject to IRS rules surrounding capital gains and losses. That means that if you earned a profit by selling your crypto for more than what you purchased it for, you'll owe capital gains tax on the difference. The IRS allows investors to use capital losses to offset taxable capital gains. Additionally, capital losses can be used to reduce your regular taxable income by up to $3,000 per year if your capital losses exceed your annual capital gains.
☆ The IRS plans to tax some NFTs as collectibles — and the rich would pay up to 28% on profits
  + stars: | 2023-03-22 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +4 min
Noam Galai | Getty Images Entertainment | Getty ImagesHow the IRS plans to tax NFTsNFT enthusiasm swelled in recent years along with the popularity of cryptocurrencies such as bitcoin . An NFT offering a right to use or develop that virtual plot also generally isn't a collectible, the IRS said. Profit on those sales is taxed at ordinary income tax rates, which apply to wages, for example. (There are seven marginal tax rates, ranging from 10% up to 37%.) These tax rates are generally lower than ordinary income tax rates.
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