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Tax Professionals are reporting record profits in cryptocurrency on client tax returns
When I heard the private conversations of tax professionals on the the astonishing levels of cryptocurrency profits, I knew it was time to create a Crypto for Beginners course.
I’m retired and now traveling the world, slowly, therefore my exposure to clients with cryptocurrency profits was limited, yet I too experienced the reporting of cryptocurrency profits when a client sold a percentage of his/her Bitcoin for a profit.
We cannot talk about client’s tax returns, it is against the law, however, I can tell you that a number of us were surprised by the number of clients who have earned substantial profits when trading in cryptocurrency purchased several years back.
The IRS decided to place the question on the U.S. tax return, so there was no avoiding the truth, when preparing an honest tax return.
People that you would have never suspected, not only purchased Bitcoin, but held the currency long enough to earn unbelievable profits. After April 15th of this year, I knew I needed to create a reliable and factual course on getting started with cryptocurrency.
Before this tax season, I believed the currency to be a high level-scam with little possibility of becoming mainstream. Then the country of El…
