Crypto Taxes Explained!
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- Опубліковано 10 лип 2024
- Crypto Taxes Explained!
With the recent discussion on new regulation I figured now would be a great time to review the current policy!
Latest And Greatest Tax Brackets
taxfoundation.org/publication...
The 4 Types Of Crypto Transactions Covered In This Video:
1) Bought And Sold Crypto
2) Coin-To-Coin Transactions
3) Payment For Goods and Services
4) Mining Operations
0:00 Intro
1:10 If you participate in Crypto
1:28 Crypto is Transparent
1:52 Regulatory Body Comments
2:54 Crypto currencies defined
3:39 Crypto Holding Periods
4:10 4 Main Transactions
4:27 Crypto To Fiat Example
4:55 Coin-To-Coin Transactions
5:42 Mining Operations
6:22 Payment For Goods And Services
7:02 2 Events That Are Not Taxable
7:55 How To Report
8:44 Challenges With Crypto Reporting
10:22 Can The IRS Track Your Crypto Activity?
11:39 What Happens If You Don't Report
13:06 Honest Mistake
13:50 Summary
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DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as "individualized" tax advice. Should you need tax solutions I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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hi signed up for you newsletter , do you have a website or anyway to set up a phone consultation with you - ?
I would like to know how to report the income from trading as a business activity. Does it get reported as ordinary income from the business or short term capital gains? And if ST Cap Gains do you have to submit a list of all trades with tax return if is basis is not reported? Also, can you deduct the brokerage fees?
@@purelovexist st cap gains and yes all trades are reported
Thanks
appreciate the content brotha! keep crushing it!
So glad I found your channel!
Great video. You have excellent content.
Nice tax breakdown
What about transaction and trading fees?
Commissions are added to the cost basis of the trade so it’s deductible by grossing up your cost basis
@@BrianRiveraCPA Thank you for all the great content and the reply!
What about staking coins? And as with coinbase they have tutorials to earn coins. Does that make my cost basis zero?
I’ll have a part 2 on this but the fair market value of the coins on the day you received them should be used as the basis for taxable income.
I have a question, for cryptos does the wash sale rule apply?
Nope no wash sales for crypto!
If I'm a W2 employee with a Roth 401K can I still create an s-corp LLC for my crypto investments and fund a solo 401k? (which you mentioned in a previous video).
And if I create an LLC now, can that be used for crypto transactions that took place before the LLC was established? (I just started crypto investing this year in 2021)
Yes - but your capped on the total amount of elective deferral (can't exceed $19.5k so it needs to be Profit sharing)
What legitimizes an asset class is people using it, not regulation.
Agree 100%.
Brian, Is the interest earned from yield harvesting taxed at income or dividends? Seems like it would be similar to holding a stock that pays dividends as your only holding the principle to a earn a profit. I.E. PancakeSwap 100+ APY Autocompounding.
Trying to book a call but wow. no spots for the next two months. Looking to set up a hedge fund here in FL but no attorney contacts.... Know of any? Will also need a good CPA on board too and would be interested in linking up with you!!.....
Shoot me an email I’ll put you in contact with a hedge fund attorney that we refer to. Right now my calendar is booked till first week of August.
@@BrianRiveraCPA thank you for the reply Brian!
The feds about to be chasing all the American dogecoiners that "fled"to Puerto Rico 😂😭🤞
Lmao facts💯
@@BrianRiveraCPA I'm coming to you January 2021 ,to set up the llc/ s Corp ,whatever you tell me, love your work and your fees are well worth it! Will set up an appointment soon! Thank you!
Let's say I earned $80,000 in BTC for services performed. That $80,000 in BTC turns into $20,000 two months later. Do I still owe taxes on the initial $80,000 amount or the $20,000?
Unfortunately it’s earmarked at the fair market value on the date of receipt.
@@BrianRiveraCPA Thanks for the reply. So taxes will be due on the $80,000 BTC when received. What if the taxpayer can't pay the tax owed due to them holding onto the $20,000 BTC?
@@FKS1994 he is screwed
Great video im a new subscriber can you make a video about trading Crypto using an LLC and then electing S-Corp status in order to avoid self employment taxes if possible would that work?? @BrianRivera