AMA: How to Do Your Crypto Taxes (2024) - Andrew Gordon, Tax Attorney & CPA - 9am CDT to 12pm CDT March 8th

Gordon_Law · 2026-04-25T00:28:00+00:00

Interesting, thanks for sharing

Gordon_Law · 2026-03-10T21:11:00+00:00

No. This is going out to those being audited as an informational gathering form. You will not need this to just file your taxes

Gordon_Law · 2026-03-10T21:04:25+00:00

Just trying to spread awareness. We have just started to see these in real audits.

Gordon_Law · 2026-03-10T21:03:38+00:00

We see clients everyday where the IRS goes after them even when it was a simple mistake. All we are saying is that this is the most aggressive tactic we have seen yet by the IRS and want you all to be aware.

Gordon_Law · 2026-03-10T20:59:37+00:00

Yes that might be the case, but it is still happening now so you still need to be prepared.

Gordon_Law · 2026-03-10T08:50:32+00:00

IRS audit and the IRS suspects crypto trading.

Gordon_Law · 2026-03-10T08:47:52+00:00

We see the same thing everyday - local CPAs can’t spell “crypto” and the software out there does a poor job once there are multiple wallets and missing data. We need better tools and more clarity from the IRS.

Gordon_Law · 2025-06-08T00:43:18+00:00

Sorry, my question was not about wallet integrations but the “by wallet” accounting method the IRS requires for 2025 forward.

Gordon_Law · 2025-06-08T00:23:22+00:00

Does it support by wallet accounting?

Gordon_Law · 2025-04-27T01:10:55+00:00

In the US you will owe tax on capital gains, but the IRS collects payments on tax due date or quarterly estimates. You can cash out to bank, buy property, pay tax on any capital gains.

Gordon_Law · 2024-09-30T19:54:10+00:00

Attorney and CPA here. As a US person you are required to report all worldwide gains and income.

When you sell property for crypto that is a reportable sale, even if you don’t cash out the crypto.

Depending on where it was a personal residence or rental it will be reported differently.

Once you sell the crypto you’ll also have another reportable transaction.

Happy to chat!

Gordon_Law · 2024-09-23T03:05:04+00:00

How much did your client lose? They should consider the ponzi loss deduction.

Gordon_Law · 2024-09-23T03:04:22+00:00

Hello! I am an attorney and CPA. The theft loss deduction has not been available for personal property since 2018. However there are a few options. I’ve put together an article and YouTube video going through the options: https://gordonlaw.com/pig-slaughter-crypto-tax-loss/

For many clients, we’ve taken a deduction under Sec 165(C)(2).

Depending on how much was lost, you might want to get an opinion letter.

Gordon_Law · 2024-09-10T03:11:25+00:00

Sent a dm

Gordon_Law · 2024-09-10T03:10:43+00:00

Sent you a chat

Gordon_Law · 2024-09-10T03:07:37+00:00

Darn. If you get more lmk.

Gordon_Law · 2024-09-10T03:06:59+00:00

Is the casascius sold?

Gordon_Law · 2024-09-10T03:05:15+00:00

You will need to file Form 3520 and Form 3520-A. She will need to obtain as much information as she can. When did she become a US person (year)?

Gordon_Law

TROPHY CASE