Nov. 5, 2024
Understanding Digital Asset Reporting Requirements (Episode # 308)
In today's fast-evolving financial landscape, understanding tax reporting for digital assets is crucial. Tune into our latest podcast episode for information on your tax reporting obligations. #DigitalAssets #Finance #Podcast
In today's fast-evolving financial landscape, understanding tax reporting for digital assets is crucial. Tune into our latest podcast episode for information on your tax reporting obligations. #DigitalAssets #Finance #Podcast
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Well, good afternoon, Michiganers. It is Tuesday, November fifth, twenty
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twenty four, otherwise known as election Day. So if you
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haven't made it out to the polls, I encourage you
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get out there and vote so that your voice can
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be heard.
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Of course, this.
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Is Tuesday with Tom, Michigan's only weekly intern at show
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where we do answer your questions about estate planning and
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a state settlement in Michigan. I'm your host, Tom Doyle,
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a state planning attorney, lifelong Michigan resident, an ambassador for
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all things good in this great state of Michigan. Welcome,
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Welcome to today's program. And I know, at least here in
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the Grand Rapids area, it's kind of a misty, rainy,
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gloomy kind of day. But don't let that stop you
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from getting out and having your voices heard by voting.
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Last episode, I talked about the twenty twenty five increase
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in federal estate tax and gift exemption. So as you're
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looking for what's going to happen next year, I've talked
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about this almost a year ago, and I talked about
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it again the last episode.
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There's going to be some potential.
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Changes on the there's certainly going to be some increases
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in federal estate tax gift exempt for twenty twenty five. Also,
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though it's important to remember, there's going to be some
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dramatic potential changes in those same amounts in twenty twenty six.
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So I encourage you listen to last week's episode so
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that you have a better understanding about what the new
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exemptions are in twenty twenty five and what's going to
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be at least on the table right now in twenty
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twenty six. Today today we're going to talk about a
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little bit something we're going to talk about as understanding
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digital asset reporting requirements.
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But please remember what I'm.
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About to discuss, as always during the program, is for
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educational purposes only. It is not intended to be legal advice.
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You need to work with your attorney and certainly in
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the case of digital asset reporting, with your tax advisor
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to determine what is appropriate for you and your planning.
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Understanding digital asset reporting requirements, well, if you're asking what's
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a digital asset, then this probably isn't anything that's going
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to be relevant to you, because if you own them,
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you will know what they are. But quite frankly, if
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you're looking at your tax forms, your ten ninety nine
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ten forty forms, you're going to notice a checkbox on there,
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and in that box you do have to indicate whether
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or not you received digital assets. So having some idea
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of what a digital asset is and what the reporting
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requirements might apply to you, but essentially, if you have
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a digital asset, you're likely.
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Going to know that you have it.
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So what are they? Well, digital assets, And before I
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go there, you know a lot of people get, well,
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let's go there first. Digital assets a form of value.
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It's like cash, but they exist only in a digital form,
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only in a computer form, and they're protected by strong cryptography.
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So the idea is is that you have this digital money.
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Think of it in those terms. It exists only in
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a computer. It doesn't exist in the actual real physical world,
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but it's protected by cryptography so that it can be
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transferred to other people. People can't supposedly hack into it,
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steal it, all those good.
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Kinds of things.
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They're going to be operated on what they oftentimes call
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a blockchain or distributed ledger or some sort of similar technology.
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And you don't really need to understand blockchain technology, just
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stibuted ledger. But it exists. It's all part of the
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digital world that's designed to manage and allow for the
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protection of and transfer of this digital assets. Oftentimes you
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might have heard of things like this a virtual currency
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or cryptocurrency or what they call ntfs and NFTs non
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fudgible token. So for example, you probably heard about bitcoin.
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Bitcoin is a type of cryptocurrency. Bitcoin is actually a
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type of digital currency. And when I talk about NFTs,
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perhaps you've heard about these in particular because at some
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point in time over the last number of years, Donald
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Trump has sold if you will, NFTs. But in most situations,
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what an NFT is is, for example, I create a
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piece of art and it exists only in a computer.
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It's not on paper, it's not on you can't put
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it on my wall.
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It is totally in the digital world.
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Well an NFT, and if I want that to be protected,
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I put it out there as an NFT, which because
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of cryptography that's being involved, it only exists in this
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partitical digital world. It cannot be copied, so somebody can't
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just make a copy. Right now, if I just take
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a photo and I put a photo out on the internet,
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so may can make a copy of that photo. Well,
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if I'm creating a unique piece of art, think about
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in those terms. I don't want someone to seem to
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be able to make a copy of it, because the
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value to me perhaps is because there is only one
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of them, or ten of them, or however number there
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happened to be of them. So I want it to
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be protected where it can't be copied, it can't be substituted,
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it can't be divided, and they can represent a number
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of items, but oftentimes it's artwork. And you perhaps have
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heard in the new use over the last year, it's
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kind of hard to avoid it that the Trump family,
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apparently along with others, is starting up what they call
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a cryptocurrency exchange. And a cryptocurrency exchange is simply a
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place that you go online on your computer or on
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your phone where you can buy and sell cryptocurrency, for example,
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where you can buy and sell bitcoin. So that's a
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kind of basic rundown of what we're talking about when
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we talk about digital assets. But the truth of the
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matter is you have likely been involved in some sort
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of digital currency for most of your life and didn't
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even know. So think about this. If you write a check,
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a check is not cash. A check is not dollar bills,
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five dollar bills, ten dollar bills. It's a written iou.
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If you will.
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And when that check gets too as it did, it's
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becomes digital currency, meaning what the check itself today doesn't
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go from your bank to somebody else's bank. They simply
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process it, turn it into internally in the banking system,
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if you think about it, digital currency that then gets
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transferred someplace else. Or another example, let's say you're going
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to do a wire transfer. You've got let's say you've
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got a daughter who's in Florida and you want to
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send her some money, or you have a grandchild who
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might be traveling somewhere and you want to send them
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some money. Well, you don't normally put thousands of dollars
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in a box and you send it off to them.
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You're going to go to your bank and you're going
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to say to your bank, I want to send my
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son some money once send my daughter somebody and they
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can do that. It'll be done digitally. You're not they're
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going to take money out of your bank account. But
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think about this. In reality, your bank account at the bank,
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it doesn't have five thousand dollars in cash sitting in it.
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Okay, it's digital.
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Okay, it's backed up by other cash, but it's truly digital.
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And then they're going to take your digital money that's
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saved at the bank and they're going to send that
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through the through the internal banking system to the bank
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account for your son or grandchild. So you're already involved
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in much of a digital world. But really what we're
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talking about here, this whole idea of digital assets, is
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where you're not involved with a bank. There is no
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bank involved, there is no When banks are involved in theory,
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there's cash, there's money, literally money that backs up what
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that bank has to have. But in a digital world,
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there is no bank, there is no cash, there's nothing
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backing up this digital asset. It's simply a form of
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assets that can be transferred back and forth between individuals
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for different things. And because there's no bank involved, because
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there's no government involved, the reason that the IRS requires
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you to check that box on your tax return is
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because there is no physical record that somebody can go
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look at to see did you own it?
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What did you do with it.
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Now, with that having been said, digital asset digital transactions,
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a few will So we're talking about certain things are
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going to happen where you're going to have to have
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certain reporting requirements. So among digital asset transaction, things are
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like selling digital asset. I own bitcoin, and I sell
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my bitcoin to somebody else. Or I create that artwork
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online and I sell my artwork to somebody else.
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I have sold a digital asset.
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Maybe somebody is going to give me a digital asset
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as payment for goods or services. Maybe somebody is going
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to pay me in bitcoin for work that I did
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for them. Now, our office doesn't currently accept bitcoin or
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digital assets cryptocurrency for.
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Work that we do. I know there are some law
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firms that are beginning to do that.
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There are some other companies out there that are beginning
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to accept cryptocurrency.
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If you will, as payment.
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So if you receive them as payment for goods or services,
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that's going to be an asset transaction, or perhaps acquiring
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new ones through what they call mining or staking. And
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that's really the process by which and it gets very
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perhaps kind of complicated, but that's the process by which
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new cryptocurrency gets created. It's not a bank that creates it.
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There's a computer process that goes through where new digital
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currency can be created. So if you acquire one through
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this process of creating digital currency, that's an asset transaction,
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or perhaps obtaining one through what's called a hard fork,
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and that's simply where cryptocurrency splits in two.
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So think about stock.
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You probably have heard about this, at least I might
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own stock in a company and then the stock split.
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So where I had one hundred shares, now it's going
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to split, and now I have two hundred shares, Okay.
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It doesn't mean suddenly it's worth one hundred percent more.
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It usually means, okay, my hundred shares is now two
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hundred shares, where they're all total the same amount that
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I owned before. Same thing with cryptocurrency. There can be
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situations where the currency splits, if you will, and in
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that case, you are obtaining additional cryptocurrency as a result
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of that split. Another dig digital asset transaction would be
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something like where you are exchanging them for property, good services,
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or other digital assets. So whenever they're being exchanged for
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if you will, services or perhaps actual property, maybe you're
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gonna buy a car and you're gonna use bitcoin to
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buy the car, okay, or you're gonna use them to
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buy other digital assets. Maybe I'm gonna take my bitcoin
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and I'm gonna use my bitcoin to buy that piece
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of artwork that NFT is at out there. Again, another
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example of a digital asset transaction, and quite frankly, any
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other disposition of a financial interest in a digital asset,
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that's kind of a catch all broad any dist disposition
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of any interest that you had in a digital asset. Now,
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so those are all examples of digital asset transactions that
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we're really talking about here today. So the reporting requirements,
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that's what we really want to have a conversation a
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little bit about today. If you're involved in any of
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those sorts of transactions, you have to report all income related.
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To the transaction.
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And the way you go about then determining calculating your
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gainer loss because there might be capital gains tax. Just
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like owning stock. If I own stock and I sell
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my stock for more.
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Than I bought it for, I might be subject to
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a capital gain.
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Same thing if I go out and buy bitcoin as
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an investment, think about it, and I sell my bitcoin
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for more than I bought it, same concept, or I'm
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going to have capital gains And so the way you're
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going to calculate your gainer loss or the tax form
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you're going to use reporting all of these different transactions
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is really going to depend upon what type of transaction
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you are involved in. So, for example, gainer loss from
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selling digital assets, well, gainer loss from selling digital assets
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is just like gainer loss from selling stock, gainer loss
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from selling gold, gainer loss from selling other physical assets.
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So there's an IRS Form eighty nine forty nine which
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has to do with sales and other dispositions of capital assets.
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That's going to be the form that you will have
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to report the gain or loss that you receive from
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selling the digital asset. If you received a digital asset
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is a gift. If somebody gave you a digital asset
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as a gift, the IRS says on form seven oh nine,
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you would have to report the gift that you received
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that was a digital asset. So somebody gives you a
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bitcoin or gives you an NFT, you have to report
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that to on form seven o nine. According to the IRS,
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if you receive any sort of digital asset as compensation
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for services or disposed of any digital assets that you
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held for sale to customers in a trader business, then
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