Methods, Systems, And Tools For Providing Tax Related Services For Virtual Currency Holdings

  • Published: Oct 15, 2015
  • Earliest Priority: Apr 14 2014
  • Family: 1
  • Cited Works: 0
  • Cited by: 1
  • Cites: 3
  • Additional Info: Full text
Abstract

Technology is directed to tools for providing tax related services for virtual currency holdings, e.g., bitcoin holdings. The tax related services can include computation of taxes such as income tax, sales tax, and payroll tax for virtual currency holdings. The services can also include facilitating filing of the taxes with the concerned department. The tool can include a computing device configured to execute a tax application for computing the taxes on virtual currency holdings. The user provides information on a source of virtual currency transactions, e.g., an address of a bitcoin wallet, to the tax application, and the tax application retrieves the transactions from the source. The tax application categorizes the transactions into various transaction types and identifies the taxable and/or non-taxable transactions. The gain/loss and the associated tax are computed for the taxable transactions using one or more cost-basis methods.


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Document History
  • Publication: Oct 15, 2015
  • Application: Apr 14, 2015
    US US 201514686044 A
  • Priority: Apr 14, 2015
    US US 201514686044 A
  • Priority: Apr 14, 2014
    US US 201461979268 P

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