To answer that question, you have to understand how the IRS treats cryptocurrency. The IRS considered cryptocurrency to be “PROPERTY”. With the exception of rollover contributions, all contributions to an IRA must be made in CASH and since crypto is treated as PROPERTY the contribution of crypto to an IRA will not be deductible. We expect official guidance from the IRS in the future. For now, this is how we would suggest that you treat it.
Ask the Crypto TaxMan: Can I make an IRA contribution in cryptocurrency and have it be deductible?
Share this post with your loved one!
Facebook
Twitter
LinkedIn
Categories
- Accounting/Bookkeeping (65)
- Alabama Client Success Stories (1)
- Alaska Client Success Stories (2)
- Amended Returns (29)
- Amended Tax Returns (2,000)
- Arizona Client Success Stories (2)
- Arizona State Tax Credits (1)
- Ask the Taxman (51)
- Audit by IRS or State (3)
- Audit Prevention (9)
- Bank Levy (88)
- Bankruptcy and the IRS (4)
- Blockchain/Bitcoin (7)
- Business Income Not Subject (2)
- Business Life Events (34)
- Business Process Outsourcing Units (3)
- Business Success Stories (29)
- Business Use Of Home Deductions (6)
- Calculators & Tools (161)
- California Client Success Stories (1)
- Cannabis Business Taxation (3)
- Cares Act Stimulus Payment (4)
- category/day-trading-and-irc-sec-475 (1)
- Changes in the Tax Laws Collections (4)
- Collections (3)
- Colorado Client Success Stories (2)
- Connecticut Client Success (2)
- Contact the IRS (3)
- CoronaVirus Tax Relief (3)
- Cost Segregation (9)
- Credit Issues (20)
- credit-report (7)
- Cryptocurrency (25)
- Currently Not Collectible Status (4)
- Definitions (70)
- Delaware-Client-Success-Stories (1)
- Depreciation (2)
- Economic Stimulas Package (6)
- Education Planning (182)
- Elder Care & Planning (1)
- Employment (23)
- Employment Taxes (5)
- Expatriate Tax Returns (176)
- FICA Tax Refunds (5)
- Filing an Amended Tax Return (133)
- Filing Requirements (22)
- FIRTA (2)
- Fishing Industry Tax Relief (1)
- Fishing Industry Tax Tips (1)
- Fixing Return Mistakes (1)
- Florida Client Success Stories (1)
- For Business (2)
- Foreign Account Disclousures (2)
- Foreign Businesses Operating in the US (2)
- Foreign Financial Account Reporting (6)
- Foreign Investment in Real Property Tax Act ((FIRTA) (1)
- Forms (11)
- Friendly Reminders (72)
- Gambling (13)
- Garnishments (22)
- General Contractor tax Relief (1)
- General Tax Related Topics (2)
- Georgia Client Success Stories (2)
- Hawaii Client Success Stories (1)
- Head Of Household Status (1)
- Health Care Issues (73)
- Health Care Reform (33)
- Hiring My Child (9)
- Home Office Deduction (2)
- HR & People Management (11)
- Idaho Client Success Stories (1)
- Illinois Client Success Stories (1)
- Important Due Dates (5)
- Indiana Client Success Stories (5)
- Industries with a High (34)
- Installment Agreements (1,671)
- Interest and Penalties (8)
- Iowa Client Success Stories (1)
- IRS and State Scams (132)
- IRS Asset Seizure (4)
- IRS Audit Notices (8)
- IRS Business Notices & Letters (3)
- IRS Collection Notices (53)
- IRS Collection State of the Union Address (1)
- IRS Contact Information (104)
- IRS Extensions (93)
- IRS Forms (1,332)
- IRS Identity Theft Pin (53)
- IRS Letter & Notices (43)
- IRS Letter & Notices (32)
- IRS or State Audit (190)
- IRS or State Audit Statute (3)
- IRS Reference Code (109)
- IRS Revenue Officer (3)
- IRS Topics (3)
- Kansas Client Success Stories (1)
- Kentucky Client Success Stories (2)
- Kiddie Tax (4)
- Late Returns (29)
- Launch a New Business- Daily Activities (1)
- Lender Risk Mitigation (11)
- Locations (84)
- Looking to Invest (164)
- Louisiana Client Success Stories (2)
- Maine Client Success Stories (1)
- Maryland Client Success Stories (2)
- Massachusetts Client Success Stories (22)
- Meals & Entertainment Deduction (2)
- Michigan Client Success Stories (1)
- Minnesota Client Success Stories (1)
- Mississippi Client Success Stories (1)
- Missouri Client Success Stories (1)
- Nebraska Client Success Stories (1)
- Nevada Client Success Stories (1)
- New Hampshire Client Success Stories (1)
- New Jersey Client Success Stories (1)
- New Mexico Client Success Stories (70)
- New York Client Success Stories (19)
- Newsworthy (12)
- North Carolina Client Success Stories (1)
- North Dakota Client Success (2)
- Offer In Compromise (141)
- Offer In Compromise (7)
- Ohio Client Success Stories (2)
- Oklahoma Client Success Stories (1)
- Oregon Client Success Stories (57)
- Partnerships (1)
- Paying you kids (2)
- Payroll Protection Program (1)
- Payroll Tax Liabilities (4)
- Pennsylvania Client Success Stories (1)
- Personal Finance (78)
- Phone Scams & Fake Notice (208)
- Real Estate (9)
- Record Keeping Tips (16)
- Refund Status (20)
- Repairs vs. Capital Improvements (8)
- Retirement Planning (107)
- Rollover for Business Startups (ROBS) (1)
- S Corporations (2)
- Sales Tax (4,005)
- Simulus Payments (2)
- Sole Proprietorship vs. LLC (21)
- South Carolina Client Success Stories (1)
- South Dakota Client Success Stories (1)
- Spanish Articles (32)
- State Income Taxes (478)
- Statute Of Limitations (4)
- Tax Attorney (290)
- Tax Audits (4)
- Tax Central (1,508)
- Tax Code Updates (4)
- Tax Credit and Other Tax Incentives (9)
- Tax Deduction Tips (124)
- Tax Law Changes (22)
- Tax Levies and Property Seizures (16)
- Tax Levy (219)
- Tax Liens (23)
- Tax Organizers (10)
- Tax Planning (3)
- Tax Preparers (20)
- Tax Problems (21)
- Tax Tip You Can Bank On (27)
- Tax Treaties Between the US and Other Countries (11)
- Tennessee Client Success Stories (1)
- Texas Client Success Stories (1)
- Tips for Verticals & Niches (15)
- Truck Drivers (8)
- Trucker Tax Relief (9)
- Trust Fund Recovery Penalty (3)
- Uncategorized (159)
- Unfiled Back Returns (891)
- Utah Client Success Stories (2)
- Verification of Non-Filer Letter (4)
- Vermont Client Success Stories (1)
- Virginia Client Success Stories (1)
- Wage Garnishments (128)
- Washington Client Success Stories (151)
- Washington, DC Client Success Stories (1)
- West Virginia Client Success Stories (1)
- What If I Can't Afford to Pay My Taxes? (2)
- Where to File (1)
- Wisconcin Client Success Stories (1)
- Wyoming Client Success Stories (1)
- Year-End Tax Strategies (4)