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Have you heard of Coinbase

Have you heard of Coinbase
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3/12/2018
Barbara
Barbara, Enrolled Agent
Category: Single Problem
Satisfied Customers: 5,790
Experience: Tax Preparer for 20+ years; 30+ years experience as a real estate/corporate paralegal
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Thank you for requesting me.

I know it's a platform for digital currency, but I am not specifically familiar with it.

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Customer reply replied 1 month ago
Basically if I buy into it. Is it like other stocks, bonds, that graduate in value over time or can you buy and rebuy these things daily without losing your base investment compared to if they were to grow in say five years. In other words do you have to leave your money in a bitcoin stock for it to mature? Or does it matter ! Thanks

I am not familiar with the entire process, but I believe you can purchase it and leave it or use it to purchase.

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Customer reply replied 1 month ago
Ok thanks so much. I think Ive asked you about spending money gambling on here once before. But I can not remember what you( or another ) tax advisor said.
Do you know if gambling is a tax write off in the form of entertainment in 2018

Gambling is not a tax write off.

Any gambling winnings have to be reported as income.

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Customer reply replied 1 month ago
What about losses???!

If you itemize (use Schedule A), you can deduct your losses up to the amount of your winnings.

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Customer reply replied 1 month ago
Is itemizing an option for company paid employees, or is it only used by small business owners?. Thank you

If you have unreimbursed employee business expenses, you can itemize those on Form 2106, which carries through to Schedule A.

Only those expenses in excess of 2% of your AGI can be deducted.

2017 is the LAST YEAR unreimbursed employee business expenses can be deducted.

The tax reform bill passed in December, 2017 eliminated that deduction starting with tax year 2018.

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Customer reply replied 1 month ago
Does this mean If you have employees ? If you are one??

If you are an employee, 2017 is the last year to itemize unreimbursed employee business expenses.

If you are a business, you can continue to deduct business expenses as usual.

Barbara
Barbara, Enrolled Agent
Category: Single Problem
Satisfied Customers: 5,790
Experience: Tax Preparer for 20+ years; 30+ years experience as a real estate/corporate paralegal
Verified
Barbara and 87 other Single Problem Specialists are ready to help you
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Customer reply replied 1 month ago
Ok thanks. That makes sense

Thank you for the positive rating of my answer. I really appreciate it!

Have a great day!

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Customer reply replied 1 month ago
Barbara before you go.. How much should I see a difference of considering the tax break from 40k per year in 2016 to 40k per year in 2018?

Federal income tax on $40,000 in 2018 will be $3170 if you file single with no dependents.

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Customer reply replied 1 month ago
What was it last year?

$3974.

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Customer reply replied 1 month ago
Ok thanks

You're welcome.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Single Problem
Satisfied Customers: 5,790
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Experience: Tax Preparer for 20+ years; 30+ years experience as a real estate/corporate paralegal

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