BitIRA Publishes Fifth Annual Crypto Tax Q&A

BURBANK, California, 1 March 2023 /PRNewswire/ — BitIRA – pioneered the first insured cold storage solution for cryptocurrency pension accounts – published its fifth annual Crypto Tax questions and answers this week. This collaboration brings together the most frequently asked tax questions from crypto investors and provides answers from the top of the nation cryptocurrency tax experts.

Jeremy WarnerHead of Sales at BitIRA, said: “We do our best to prevent the tax season headaches that affect so many people this time of year.”

In many ways, the IRS hasn’t exactly kept up with the rapid development of cryptocurrencies and blockchain adoption. A majority of those who own cryptocurrencies face great uncertainty when tax time rolls around.

Warner explained, “While we do not provide tax advice – BitIRA’s clients rarely have tax questions regarding their Bitcoin IRAs – This is an opportunity to serve the bigger ones crypto society.”

Specific topics covered in crypto Frequently asked questions about taxes include:

• Determining whether a specific transaction is a taxable event
• Inactivity and reporting requirements for “buy and hold” savers
• Tax obligations on invested assets, airdrops and yield farming

Among other tax-related content, BitIRA also has one comprehensive page on crypto taxesa directory of CPA advisors from all over the country who have knowledge of crypto taxes, and an exclusive guide on crypto taxes.

But there are easier methods to gain exposure to cryptocurrencies without tax-related headaches…

Cryptocurrency IRA Options: “Can I Have My Own bitcoin IRA?”

For exposure to crypto growth potential without all the paperwork BitIRA offers bitcoin IRA and other cryptocurrency retirement accounts for most types of tax-sheltered retirement accounts, including traditional and Roth IRAs, 401(k), 403(b), thrift plans, and 457 plans.

In accordance IRS Notice 2014-21, digital currencies are treated as personal property for tax purposes. Thus, the Self-Directed IRAs are qualified assets. Rolling over existing qualified retirement accounts into an SDIRA allows retirement savers to allocate a portion of their savings to digital currencies without penalty. Pension savings are tax-deferred, and both capital gains and trading gains are tax-free until they are taken as a distribution.

“A lot of tax issues go away with one cryptocurrency The IRA,” thought Warner.

About BitIRA:

Located in Burbank, CaliforniaBitIRA is a leading specialist in the setup and administration of cryptocurrency holdings in self-directed IRAs. For more information about BitIRA or to sign up for a digital currency IRA, visit https://www.bitira.com.

SOURCE BitIRA