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Insights That Preserve Wealth & Reduce Taxes

Welcome to the Chainwise Insights Blog—your resource for navigating the complexities of wealth, tax, and financial strategy with clarity and confidence.

Regulatory Compliance

June 25, 2024

Sales Tax & NFTs – More Questions than Answers

In this blog post, we’ll explore the applicability of state sales tax to NFT sales and provide some tips for navigating this complex and evolving area of taxation.

Regulatory Compliance

June 25, 2024

New Beneficial Ownership Reporting Requirements

In this blog post, we will explore the new reporting requirements and provide guidance on how to navigate these changes.

Crypto Accounting

June 25, 2024

Paying Crypto Transaction Fees with a Third Cryptocurrency

During a crypto for crypto trade, sometimes people pay the transaction fee with a third cryptocurrency, such as Binance Coin (BNB) or Kucoin Shares (KCS). The question is, should such transaction fee be included in the basis or sales proceeds calculation, and if yes, how?

Crypto Taxation

June 25, 2024

Losses from “Substantial Decline in Value” of Crypto Assets aren’t Deductible

Crypto investors know 2022 was a banner year for failures and frauds in the crypto space. In our practice, we are often asked whether taxpayers are entitled to deduct losses from such events.

Tax Planning

June 25, 2024

IRA Planning Opportunities for 2020

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts.

Crypto Taxation

June 25, 2024

Wash Sale Rules May Soon Apply to Your Crypto Losses

But what are wash sales, why don’t they currently apply to crypto trades, and how are they useful? Let’s dig in.

Crypto Taxation

June 25, 2024

Understanding the Tax Implications of Cryptocurrency Staking: Revenue Ruling 2023-14

This blog post aims to give a comprehensive view of the IRS's stance on the taxation of staking rewards, combined with insights from the most recent ruling.

Regulatory Compliance

June 25, 2024

Some NFTs May Soon Be Considered Collectibles

In this blog post, we will explore the key aspects of this notice and what it means for NFT holders.

Crypto Taxation

June 25, 2024

Tax Consequence of Crypto Loans

More and more crypto exchanges, such as Coinbase, Binance, BlockFi, and Nexo.com offer crypto loans. You can borrow money at an interest rate usually much lower than what you would have to pay to a bank for personal loans, by using some of your cryptocurrency as collateral.

Crypto Taxation

June 25, 2024

Understanding IRS Guidelines on Charitable Contributions of Cryptocurrency

Recently, the cryptocurrency space has grown exponentially, with digital assets becoming a significant part of the financial landscape. As this new financial realm continues to evolve, so does the need for clear tax guidance on various aspects of cryptocurrency transactions.

Crypto Taxation

June 25, 2024

The Tax Impact of This Year’s Platform and Protocol Failures

Let’s examine two of the more significant events to occur this year: the Celsius Network bankruptcy and the failure of Terra and its cryptocurrency LUNA, and discuss the potential tax implications of each.Let’s examine two of the more significant events to occur this year: the Celsius Network bankruptcy and the failure of Terra and its cryptocurrency LUNA, and discuss the potential tax implications of each.

Regulatory Compliance

June 25, 2024

Two new crypto tax provisions to know

Relevant to crypto investors are the Infrastructure Bill which is currently sitting in the House of Representatives, and two bills aimed at retirement: the Securing a Strong Retirement Act in the House and the Retirement Security and Savings Act in the Senate.

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Every article is written with integrity, transparency, and empowerment in mind. We turn complexity into actionable guidance—so you can make informed decisions and preserve what matters most.