With little crypto tax guidance from the IRS, crypto and bitcoin taxes are confusing and a source of frustration from everyone. Kris Merkel interviews Cointracker’s Shehan Chandrasekera on crypto and Bitcoin taxes to help give us a bit more insight.
Cryptocurrency Taxes USA: Your Guide to Crypto Taxes for 2020: https://exodus.io/blog/cryptocurrency-taxes-usa/
Disclaimer: Exodus does not provide tax, accounting, or legal advice. The information in this article is for informational purposes only and should not be used as tax, accounting, or legal advice. Consult with tax, accounting, and legal advisors before making any decisions regarding taxes.
Timestamps:
00:00 Introductions
01:39 Is Cryptocurrency Taxed?
02:55 How is Crypto Taxed?
03:42 How do I find My Tax Liability?
05:47 What type of documents do I need to keep?
06:52 How are token swaps taxed?
07:55 Recent IRS tax guidance
08:50 Airdrops and Forks
10:34 IRS warning letters / What to do if you receive one
14:56 What happens if I do not file my cryptocurrency taxes?
17:33 How can I save paying excess tax?
18:46 Tax saving strategies
20:30 Preparing to file your cryptocurrency taxes
23:09 Cointracker resources
26:30 Wrap-up
Links:
Exodus Blog
https://exodus.io/blog/cryptocurrency-taxes-usa/
Cointracker
https://www.cointracker.io/
Cointracker Blog
https://www.cointracker.io/blog/crypto-tax-guide
IRS FAQ
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
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My Exodus wallet got hacked when nobody knew the passphrase except for me (also, I had made no transactions). The $2,500 worth bitcoins I had on my exodus wallet became 0, I contacted the support and they just sent me one email (which I think was auto-generated) and then, I was ignored. It has happened before to others too. Check this out: https://www.youtube.com/watch?v=vHHbaWsUsuw
PLEASE DO NOT TRUST EXODUS (THE SCAMMERS WITH A GREAT UI) TO KEEP YOUR HARD-EARNED MONEY.
What if I had like $12 thousand the value went down to $3 thousand because I like to buy high and sell low. Lol. Took my money out. Do I have to pay taxes on that bullshit?
Thanks Kris and Shehan. I am in the same boat as "Bob". I have multiple wallets and a couple years of info to report. It is difficult to calculate due to bank to coinbase to wallets plus exchanges within Exodus. This is a daunting task that I almost want to just pass on until Crypto gets figured out by the IRS. But if I do I would be willingly lying about my investment. Hooked and don't know how to fix it. I will check out Cointracker and hopefully figure this out. I'd like to talk with you later on how you learned and maybe figure out some tips along the way. Thanks again for this message.
Thanks for having us on the show. If you need any help with your cryptocurrency taxes, please reach out (free for users with 200 or fewer transactions in the tax year): https://www.cointacker.io
FUD. Govs have no ability to enforce. This is propaganda, at best.
The IRS is trying to fit the new economy in to the old economy rules. It's not going to work.