Crypto Tax Assurance From A Practical Perspective

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Presentation transcript:

Crypto Tax Assurance From A Practical Perspective

Taxes are what we pay for a civilized society US Supreme Court Justice Oliver Wendell Holmes Jr.

BloxTax We are not CPAs We provide tax certainty We provide tax planning

Multiple Public Blockchains EcoSystem 1,600+ Cryptocurrencies 200+ Exchanges Multiple Public Blockchains

Hands on Taxes & Auditing Clear Regulation What? When? How?

Regulation In Israel Cryptocurrency is an asset Barter transactions trigger a taxable event Gains are taxed as capital gains ICO friendly scheme

Hands on Taxes & Auditing Clear Regulation FIAT Pricing What? When? How? Taxes are in FIAT Barter transactions Cost/ sale basis

Pricing Multiple quotes Volatile market Limited FIAT pricing BTC/USD session closing price 12/11/2017 - 01/20/2018

Pricing Multiple quotes Volatile market Limited FIAT pricing We validate transactions taking into account: volume, frequency, and volatility BTC/USD session closing price 12/11/2017 - 01/20/2018

Hands on Taxes & Auditing Clear Regulation Fiat Pricing Audible Ledger What? When? How? Taxes are in FIAT Barter transactions Cost/ sale basis Complete Transactions Date, Asset, Pricing, etc.

Transactions On Chain P2P transactions

Transactions On Chain Off Chain P2P transactions Exchanges

Transactions On Chain Off Chain Cross Chain P2P transactions Exchanges Other blockchains

Tying It All Together - Ledger Transaction Ledger Transaction Size Mining Fee Fee Price Currency Amount Action Asset Exchange Date ₪29,999.00 ₪5.4 ₪3,878 ₪11,740 ILS 2.5552 BUY BTC Bits of Gold 23/11/17 00:00 1 ₪15,574.08 ₪0 ₪77.87 ₪29,899 0.5209 Bit2c 24/11/17 07:59 2 ₪150 ₪30,149 0.995 24/11/17 08:01 3 ₪1,499.50 ₪7.50 ₪30,140 0.0498 5 ₪9,287.79 ₪46.44 ₪30,150 0.308 24/11/17 08:02 6 $50.30 $0 $0.1313 $8,754 USD 0.0057 SELL Kraken 25/11/17 19:59 7

Tying It All Together - Taxable Events ₪0 ₪17,215.27 ₪26,522.83 Gains ₪8,933.9 Losses ₪8,041.35 Fees ₪9,547.58 Net Other Interest Mining Capital Gains BTC Gain Volume Sale Price Buy Price Amount Buy Date Sale Date Asset Exchange $47.85 $50.30 $8,754.69 $427.60 0.005746 13/04/2014 21:12 25/11/2017 19:59 BTC Kraken ₪28.54 ₪29.85 ₪34,029.12 0.00087719 27/11/2017 10:33 Bit2c ₪1,249.81 ₪1,307.33 ₪34,029.11 0.03841799 27/11/2017 11:07 $309.72 $317.85 $16,732.47 0.01899575 11/12/2017 14:46 $2,706.78 $2,777.76 0.16601025 14/04/2014 00:18 $368.67 $377.17 $18,972.32 0.01988 19/12/2017 00:00 ICO

Auditing issues? Pricing problems? Tax Assessments? Tomer Ravid Tomer@bloxtax.co.il http://www.bloxtax.co.il