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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.

Crypto Taxation

September 27, 2024

Revenue Procedure 2024-28: Navigating the New Basis Allocation Rules for Digital Assets

Taxpayers are encouraged to work with crypto tax specialists to ensure they fully understand and implement the safe harbor provisions and have the proper systems in place before the January 1, 2025 deadline.

Crypto Taxation

June 26, 2024

Gifting Cryptocurrency

Gifting cryptocurrency to friends and family is quite common amongst crypto users, especially during a bull market like now. Before you send out bunch of coins to other people as a gift, there are several things you need to know.

Regulatory Compliance

June 26, 2024

Infrastructure Bill passes — What it means for crypto investors

Tucked into the over 1,000 pages of legislation aimed at bolstering the US’s fledgling infrastructure, Congress also included some new information reporting requirements for crypto investors.

Crypto Taxation

June 25, 2024

Navigating the Complexities of Draft Form 1099-DA

This comprehensive overview will dissect the various components of the form, highlighting areas of concern and offering guidance on navigating these complexities.

Tax Planning

June 25, 2024

Self-Directed IRAs — Investing for Retirement with Crypto and Other Alternative Assets

For anyone looking to use a sdIRA, this will serve as a quick guide on the principles involved, with an eye toward the specific circumstances of crypto investors.

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.

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