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Income Tax 2020: Bitcoin Portal launches free ebook on how to declare cryptocurrencies

Cryptocurrency

Photo: Shuttestock

O Bitcoin Portal launches this Wednesday (11) the book "How to declare bitcoin and other cryptocurrencies in the Income Tax". The ebook, written by the accountant specialized in cryptography Ana Paula Rabello, is the first of its kind in Brazil and will be distributed for free.

To receive the first edition, just enter the book page, clicking here.

The goal of the author, who also subscribes to the Declaring Bitcoin blog, is to prevent people from having problems with the IRS in the future. With a simple, didactic and direct language, the text provides details on how the values ​​obtained with investment in digital assets should be described and calculated.

“In the face of this void of express regulation, this paper proposes to address the most important issues related to the taxation of crypto assets. The objective is to allow, at the end of the reading, that the investor-taxpayer has the means to fulfill his tax obligations in the best possible way ”, explains Rabello in an excerpt of the book.

Income Tax and IN

The publication also shows that it is possible to reconcile the reality of crypto-economics with attempts to regulate the sector, although both do not go at the same pace.

So far the main guideline on cryptography in force in Brazil comes from Normative Instruction (IN) 1888. It requires the registration of all transactions made with cryptocurrencies by Brazilian exchanges. There are still projects under discussion in the House and the Senate, but nothing is yet ready for voting in plenary by parliamentarians.

“It takes some time for them to be noticed, understood,
systematized and, finally, regulated. It is a natural path, crossed by any and all innovation that comes to break paradigms and establish new frontiers in the financial context ”, completes the author.

Despite the normative vacuum and many crypto enthusiasts still wrinkling their noses, the message is clear. The best way to allow income earned in the virtual world to be used in the real world is for it to be formalized with the IRS.

Enthusiast of cryptocurrencies, Ana Paula Rabello immersed herself in the theme. It uses its experience of more than twenty years in taxes to understand the reality of cryptoeconomics, as well as the regulatory context that the market is going through.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.