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For the tax preparer, determining taxable gain or loss for clients trading virtual currencies is similar to that for stocks.
The taxable gain on the disposal of these assets is expected to be largely offset by carried forward capital losses in Australia.
Since a trade-in is treated as an exchange, any gain or loss is absorbed into the replacement vehicle's depreciable basis, thereby avoiding any current taxable gain or reportable loss.
This exchange of assets is frequently done by selling off assets and then purchasing others; however, this method of exchanging property may be inadvisable because of the possible taxable gain it could generate.
In this case, the surrender of property and the amount of the taxable gain or loss are calculated the same way; however, they are treated differently.
Client's taxable gain is the sum of the cash he receives on surrender of the policy, plus the amount of debt discharged, minus his cost basis in the policy.
Conversely, in the context of the Basis Reduction Tax Trap, the abuse goes the other way, as the mandatory basis reduction causes the conversion of useless depreciation deductions into punitive phantom taxable gain.
If an individual exchanges a precious metal he holds as an investment for (1) another precious metal of a different kind or class, or (2) other property that is not a precious metal, he will recognize a taxable gain (or loss) to the extent that the sum of the fair market value of the property and money (if any) received in the transaction is greater (or less) than his tax basis in the precious metal he transferred.
If the stock is then sold at a price representing the fair market value on the date of death (or on the optional valuation date), the "stepped-up basis" at death will eliminate any taxable gain.
That's because when calculating the taxable gain there are various deductions which can be made.
If you sold all your shares in that fund last year for $15,000, your taxable gain is $3,000 ($15,000 minus $12,000), not $5,000 ($15,000 minus $10,000).
Because of California's high income tax rates, many clients will be subject to the AMT where they have a large amount of taxable gain from the sale of their business.
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