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Spending Altcoins *

If you use your crypto-currency to pay for other items, this also is a “Sell”. Anytime you give up altcoins in exchange for something other than THE SAME type of altcoin, it is a “Sell”. In addition, if the goods purchased are legitimate business expenditures, we need all pertinent details on this transaction to make sure that we have not only reported the “Sell” of the crypto-currency, but also taken the business expenses (at the USD value) as write-offs. In this case the reported gain or loss is based on the cost basis in comparison to the value of the goods purchased.

For example:

You receive $5k invoice from Fox and Associates for annual accounting

You pay Fox and Associates 2.50 BTC on 12/15/16 in place of $5k USD.

The “Sell” of 2.50 BTC would be reported (using provided cost basis and original purchase date)

The “Expense” of $5K would be written off on your Sch C as a business expense.

*This information does not constitute legal advice and you should not act upon the information provided above without obtaining specific advice from a qualified specialist. No representation or warranty is given as to the accuracy or completeness of the information provided above, and we do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on this information for any decision based on it without our knowledge.