Week InReview: April 13, 2018


If you thought trading Bitcoin was wild, try figuring out how to pay taxes on it.

Cryptocurrency investors are wrestling with spotty records, tangled blockchain addresses and rudimentary guidelines issued back in the ancient days of 2014. After last year's boom in values, many people are likely disclosing transactions for the first time, adding to confusion.

For investors in need of help, it can be difficult to find someone who can adeptly take on the filing challenge. Many tax preparers are put off by the industry's lack of records, as well as its association with criminal activity, said David Klasing, an accountant and tax lawyer in Irvine, California, who specializes in digital currencies. Others simply don't have the expertise.

"The government is basically just telling practitioners to take a wild-ass guess," he said.

Bitcoin Buyers Now Have to Figure Out Their Taxes

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