| I have a checkbook LLC IRA
My IRA owns the single member LLC
Through the LLC I bought and sold some bitcoins last year==========>>IN general, an IRA is permitted by law to purchase stock of a corporation except for an S-corp or a membership interest in an MMLLC. So you may have a SMLLC owned by your directed IRA.
When I went to file the Texas franchise tax report, it is asking
for revenue.Do I have any revenue? I've only bought and sold bitcoins thru the LLC
If I have revenue, how to I calculate it?==========>>your gross revenue in buy8iing/selling the bitcoins is $7K and net profit is $2K;
To keep it simple, lets say I have the following
transactions in 2017
Bought BTC worth 5000
Then sold them for 7000
What is my revenue, if any==========>>as mentioned previously; your total gain(revenue) in selling them is $7K and buying cot s $5K so your long term or short term gain is $2K; the IRS has made it mandatory to report bitcoin transactions of all kinds, no matter how small in value. Thus, every US taxpayer is required to keep a record of all buying, selling of, investing in, or using bitcoins to pay for goods or services considerd bartering. Because bitcoins are being treated as assets, EVEN if you use bitcoins for simple transactions such as buying groceries at a supermarket you will incur a capital gains tax ,either long-term or short-term depending on how long you have been holding the bitcoins.
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