Frequently Asked Questions (FAQ)


Taxes FAQ

January 3rd, 2018


    • Do taxes apply to virtual currency gains?

      Yes. Although (Ride The Litecoin) cannot provide legal or tax advice, the U.S. Internal Revenue Service
      has released guidelines for how to report and pay taxes relating to digital currency activity. You can read
      them on the official IRS.gov website here: http://www.irs.gov/pub/irs-drop/n- 14-21.pdf.

      We remind all our members, both US and international, that you have a responsibility to self-report and pay taxes on all taxable gains. Please consult with your accountant or tax advisor to ensure that you file and pay taxes correctly.

    • Will (Ride The Litecoin) send me a 1099 or similar form?

      Ride The Litecoin does not hold any members digital currency, so the answer is No 1099s are sent out to members by (Ride The Litecoin). All Litecoin is sent peer to peer within our decentralized crowdfunding platform, so our members are responsible for self reporting their gains for selling their Litecoin on secondary markets or Bitcoin ATMs in 2017.

      Disclaimer: This report does not constitute legal or tax advice. Tax laws and regulations change frequently, and their application can vary widely based on the specific facts and circumstances involved. You are responsible for consulting with your own professional tax advisers concerning specific tax circumstances for your business. (Ride The Litecoin) disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns.

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