Tax,
Administrative/Regulatory
Sep. 25, 2017
Bitcoin and other cryptocurrency loan tax risks
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Dashiell C. Shapiro
Counsel
Shartsis Friese LLP
litigation, tax
Email: dshapiro@sflaw.com
Univ of Chicago Law School
Dashiell is a former U.S. Department of Justice Tax Division honors attorney.
Is a loan "income" for tax purposes? Of course not, since you have to pay it back. In fact, if you are a borrower, other than tax deductions for interest, you might not think about taxes. Tax rules for lenders can also be clear. Lenders generally only face taxes on the interest they receive on the loan.
Sure, there can be big tax issues when loans are forgiven. If you are relieved of the obligation to pay back...
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