DAVID S. BABOIAN, CPA, PC

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1/6/2018

January 06th, 2018

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Bitcoins and tax law... just spending them could trigger a taxable gain.
For example if you bought a bitcoin for $1 in 2010 and used it today to purchase $9k of jewelry, you would have a taxable gain of $8,999. There is no currently no paperwork or 1099 forms that you would receive at year end. But the IRS expects you to voluntarily report this gain on your tax return.

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email