👋 You can use my favorite crypto tax software for free using our link: coinledger.io/?fpr=cyberscrilla Let me know if you have any questions and enjoy filing your crypto taxes! God bless, Alex
Hey there. Well. I'll have to say it again. Thank you for taking the time to make this. Its one of the things i really needed to start getting familer with. You really are one of the best on here. Ive been telling everyone i think can benifit from your vids to come and watch you. ron
Do they support KASPA? It's 80% of my portfolio and limits who I can use. Supposedly you can download a csv from Tangem... maybe you could make a video on how to do that for unsupported chains??? Also is a list of my public addresses safe to save on the cloud? I assume so but thought I'd ask... would make it easier to be able to access on phone or computer.
Great video. Very helpful. Should you add transactions from Blockchain(s) you never personally used even if its under your address from your cold wallet? Is there a reason for wanting to import transactions you never did? Or seeing coins never traded that year?
Yes, swapping crypto is taxable… When you swap one crypto for another, it’s treated as if you are selling the first crypto (which is a taxable event) to acquire the second. But wait, there’s more. If you swap $100 worth of BTC for $100 worth of ETH, and later the value of ETH increases to $200, you could owe capital gains tax on the profit if you sell or swap the ETH again. The gain would be calculated based on the difference between what you initially spent (in this case, $100) and what you sell it for (in this case, $200). That’s why a using a tax software like the one i mentioned to calculate all this for you is crucial… Also, always double check things with a tax professional. I am not one.
I started as a noob with no clue and didn't know to save all my addresses at first... since I've learned better I am trying to keep a spreadsheet of them all but idk what to do with the original stuff. 🤷🏻♂️ I literally have like 50 addresses as a noob who's only been in crypto for 4-5 months. 😬
How does one know if they even need to file crypto taxes or not? I spent 200btc on a Miner a few months ago, but thats it. So is something that small taxable, and do i need to add it to my W-2's or whatever?
In the video I state what is and isn’t considered a taxable event. If you still have questions, you should reach out to a tax professional and they can tell you
Hi, I have a question? If I send crypto to my friends or family wallet, is it taxable? Or vice versa if they send me crypto is it taxable? Thank you for your great videos as always.
In most cases, sending crypto as a gift to family members is not taxable for the recipient. However, you may be subject to gift tax rules, depending on the value of the crypto and the country you’re in. But if you’re paying them for a goods or service, it could be. Again, always best to ask a tax professional these questions. I am not one. That said, EVERY transaction should be reported anyways if you have to file crypto taxes.
If you do any transactions on a DEX, will it be found on this software? Also, the steps you did for the cold wallet, does it recognize all the different Block chains, like you showed for the hot wallet? Or do you have to input each one of those separately, likein Tangem wallet.
I’ve done all buy and hold, however, I did a few minor “swaps”. Is there a threshold number financially that you must hit before it’s necessary to report them?
Many thanks for another great video. I just would like to cross check, if I would use cold wallet only for storing crypto, then it is a non-taxable event (unless I misunderstood), thus does not have to be imported into the cryptotax tool, correct? Thanks
It depends what you’ve done with that crypto. If you’ve ever swapped one crypto for another, sold some, mined, or received an airdrop, those are all taxable events. Now, if you just bought crypto on an exchange and sent it straight to your cold wallet for safekeeping, no taxable events occurred. Always checks with a tax professional
Yes. Anytime you sell that’s a taxable event. As for a honeypot (a coin you can’t sell), that would could likely be reported as a loss. Same with a rug pull. Definitely ask a tax professional how to report something like a honeypot.
I don’t really agree with showing every transaction… I don’t do that with my bank statements, why would I do that with my crypto??? Granted, the transactions are all there but like why do I need to provide that? Total invasion of privacy. wtf.
@@Cryptomama0324 You’re overthinking it. It’s simple. In order for the tool to categorize everything correctly, it needs to see what each transaction type is. If you’re missing something, it will show as uncategorized and will not be reported correctly. Then you’ll just have to manually categorize it anyways.
@@cyberscrilla It sounds like a great program, I guess my issue is why the US govt. wants to see my every move, always 😅. I moved toward crypto, to not have them in my business lol. But the program itself sounds great. 😊
@Cryptomama0324 the only way to remove yourself from this system is to remove yourself from the US. Otherwise, you are subject to their laws. Just because you own crypto doesn’t mean the laws don’t apply to you. If it ain’t one thing it’s another. Gotta pick your battles wisely…
@@cyberscrilla totally understand that as well. I’m sure a lot of people are thinking the same and doing everything they can to figure that out… but everything might change next month so let’s see how that plays out.
If you’ve ever made transactions, you’ll still need the receiving addresses. You can find these addresses on the blockchain. For example, if you moved crypto from your old wallet (the one you deleted) to a new one, the tax software will show the old wallet’s receiving addresses. You can then just copy them import and import them as well. Super easy. You can stop using a wallet, but past transactions exist on the blockchain forever.
@@Blue-Hawk-Legend Yes, but it’s a personal issue. Just means people need to be more organized if using multiple wallets/addresses. Same as if you have multiple bank accounts, business/personal transactions, etc. This tool at least makes gathering all the blockchain data extremely easy. It’s up to you to keep track of your wallets though.
@cyberscrilla yea,I'm just warning people. Some of these tax agencies like H&R block still don't know what their doing when it comes to crypto taxes. So best to shop around. And also keep up to date with your crypto taxes that way its a simple process instead of scrambling at the last second.
Oh for sure. I’m just making the point the regardless of which tax company/software you go with, or whether you even file crypto taxes, it’s always up to the individual to track their own finances. Unless they have an accountant of course.
You’re still converting fiat into crypto, so there’s always a traceable trail. You earn money, and then you’re buying crypto. The government isn’t oblivious to that.
The regulations are not clear and there is not a single platform that will easily allow you to consolidate everything you do in crypto for taxes I know because I tried all of them
I’ve filed without any issues every year. Maybe ask a tax professional for help. We can only do our best with what we know. But not filing is illegal where I live.
paper wallets ,my own nodes. DEX to swap and for liquidity XMR . I have zero record of anything and my transactions don't exist. I have never filled a KYC and never needed it to use crypto
That’s great, but if you have an income and you’re spending that money-especially in large amounts to buy crypto-without any record of where it’s going, it could raise suspicions. This is particularly true unless you’re being paid under the table. Having no record is not a good thing; it’s suspicious. To each their own, but for now, I’ll give the government what’s theirs (their inflated money) and keep what’s mine (my soul).
Your transactions exist when you turn the crypto into cash or deposit it into a bank. Then it looks like you just received a lump sum of cash, which is way worse than paying only tax on only your realized gains. You're actually making it worse.
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👋 You can use my favorite crypto tax software for free using our link: coinledger.io/?fpr=cyberscrilla
Let me know if you have any questions and enjoy filing your crypto taxes!
God bless,
Alex
Great video - happy to help and answer questions folks may have.
👍
Do you support Drake or Drake Zero tax software?
I’ve been waiting for a good video like this thanks
Thanks for watching!
@@cyberscrilla thank you this one will definitely be bookmarked
Thank you so much for all your videos! You are very knowledgeable and helpful. 💚 I’ve been marathon watching your videos to learn as much as I can. 🤓
Happy to hear you find them helpful! Thanks for watching!
Hey there. Well. I'll have to say it again. Thank you for taking the time to make this. Its one of the things i really needed to start getting familer with. You really are one of the best on here. Ive been telling everyone i think can benifit from your vids to come and watch you. ron
Excellent informative video!
Thanks for watching!
Thank you so much.
Great info. Thanks for clearing it up. I will be using your link
Awesome, thank you!
Thanks! Now I know how to do it!
@@ChristianGutierrez Happy to help!
Thank you!
Thanks for watching!
Do they support KASPA? It's 80% of my portfolio and limits who I can use. Supposedly you can download a csv from Tangem... maybe you could make a video on how to do that for unsupported chains???
Also is a list of my public addresses safe to save on the cloud? I assume so but thought I'd ask... would make it easier to be able to access on phone or computer.
Great video. Very helpful. Should you add transactions from Blockchain(s) you never personally used even if its under your address from your cold wallet? Is there a reason for wanting to import transactions you never did? Or seeing coins never traded that year?
Any transactions associated with your wallet addresses should technically be reported. If it’s just spam coins, label it accordingly or delete it
@cyberscrilla are these spam coins common? Should a person be concerned about the cold wallet's integrity?
Hello Cyberscrilla, awesome video as always. Is crypto swapping really taxable? i mean, lets say you swap ETH to BTC, is that taxable?
Yes, swapping crypto is taxable…
When you swap one crypto for another, it’s treated as if you are selling the first crypto (which is a taxable event) to acquire the second.
But wait, there’s more.
If you swap $100 worth of BTC for $100 worth of ETH, and later the value of ETH increases to $200, you could owe capital gains tax on the profit if you sell or swap the ETH again.
The gain would be calculated based on the difference between what you initially spent (in this case, $100) and what you sell it for (in this case, $200).
That’s why a using a tax software like the one i mentioned to calculate all this for you is crucial…
Also, always double check things with a tax professional.
I am not one.
This works for the 2025 rules?
I started as a noob with no clue and didn't know to save all my addresses at first... since I've learned better I am trying to keep a spreadsheet of them all but idk what to do with the original stuff. 🤷🏻♂️ I literally have like 50 addresses as a noob who's only been in crypto for 4-5 months. 😬
Great idea! Gotta keep track of it all
How does one know if they even need to file crypto taxes or not? I spent 200btc on a Miner a few months ago, but thats it. So is something that small taxable, and do i need to add it to my W-2's or whatever?
In the video I state what is and isn’t considered a taxable event. If you still have questions, you should reach out to a tax professional and they can tell you
Cant conect my ronin wallets has an error
Can I do all of this on my
I-phone? Don’t use a desktop.
Mmm possibly, but would be hard to
Hi, I have a question? If I send crypto to my friends or family wallet, is it taxable? Or vice versa if they send me crypto is it taxable? Thank you for your great videos as always.
In most cases, sending crypto as a gift to family members is not taxable for the recipient. However, you may be subject to gift tax rules, depending on the value of the crypto and the country you’re in.
But if you’re paying them for a goods or service, it could be.
Again, always best to ask a tax professional these questions. I am not one.
That said, EVERY transaction should be reported anyways if you have to file crypto taxes.
If you do any transactions on a DEX, will it be found on this software? Also, the steps you did for the cold wallet, does it recognize all the different Block chains, like you showed for the hot wallet? Or do you have to input each one of those separately, likein Tangem wallet.
I’ve done all buy and hold, however, I did a few minor “swaps”. Is there a threshold number financially that you must hit before it’s necessary to report them?
Nope. No threshold. You know our government. They want to see everything
Ok thank you very much. Great video, much appreciated. You do a great job!
Many thanks for another great video. I just would like to cross check, if I would use cold wallet only for storing crypto, then it is a non-taxable event (unless I misunderstood), thus does not have to be imported into the cryptotax tool, correct? Thanks
It depends what you’ve done with that crypto. If you’ve ever swapped one crypto for another, sold some, mined, or received an airdrop, those are all taxable events.
Now, if you just bought crypto on an exchange and sent it straight to your cold wallet for safekeeping, no taxable events occurred.
Always checks with a tax professional
@@cyberscrilla thank you!
What about uni swap - if you’re just buying / selling w ETH ? What about a rug pull where you can’t even sell after putting money in ??
Yes. Anytime you sell that’s a taxable event.
As for a honeypot (a coin you can’t sell), that would could likely be reported as a loss. Same with a rug pull. Definitely ask a tax professional how to report something like a honeypot.
Thanks for sharing.
Does this allow for download & printing in case you want to file manually?
Yes it does. Just download the csv file.
What about yield farming? assets are being swapped every second.
Do I only need to be taxed on the rewards like a salary?
@@ElixirEcho Yes, that would be taxable
I don’t really agree with showing every transaction… I don’t do that with my bank statements, why would I do that with my crypto??? Granted, the transactions are all there but like why do I need to provide that? Total invasion of privacy. wtf.
@@Cryptomama0324 You’re overthinking it. It’s simple.
In order for the tool to categorize everything correctly, it needs to see what each transaction type is.
If you’re missing something, it will show as uncategorized and will not be reported correctly. Then you’ll just have to manually categorize it anyways.
@@cyberscrilla It sounds like a great program, I guess my issue is why the US govt. wants to see my every move, always 😅. I moved toward crypto, to not have them in my business lol. But the program itself sounds great. 😊
@Cryptomama0324 the only way to remove yourself from this system is to remove yourself from the US. Otherwise, you are subject to their laws. Just because you own crypto doesn’t mean the laws don’t apply to you. If it ain’t one thing it’s another. Gotta pick your battles wisely…
@@cyberscrilla totally understand that as well. I’m sure a lot of people are thinking the same and doing everything they can to figure that out… but everything might change next month so let’s see how that plays out.
How do you import Robinhood? I can't get the api key.
Robinhood should provide you with a 1099. No need to use a tax software to get that info.
What if I’ve deleted some wallets I used to use?
If you’ve ever made transactions, you’ll still need the receiving addresses. You can find these addresses on the blockchain.
For example, if you moved crypto from your old wallet (the one you deleted) to a new one, the tax software will show the old wallet’s receiving addresses.
You can then just copy them import and import them as well. Super easy.
You can stop using a wallet, but past transactions exist on the blockchain forever.
@@cyberscrilla okay cool, thank you! You on point bro
Thats the issue,everything is spread out since everyone uses multiple wallets and exchanges.
@@Blue-Hawk-Legend Yes, but it’s a personal issue. Just means people need to be more organized if using multiple wallets/addresses.
Same as if you have multiple bank accounts, business/personal transactions, etc.
This tool at least makes gathering all the blockchain data extremely easy. It’s up to you to keep track of your wallets though.
@cyberscrilla yea,I'm just warning people. Some of these tax agencies like H&R block still don't know what their doing when it comes to crypto taxes. So best to shop around. And also keep up to date with your crypto taxes that way its a simple process instead of scrambling at the last second.
Oh for sure. I’m just making the point the regardless of which tax company/software you go with, or whether you even file crypto taxes, it’s always up to the individual to track their own finances.
Unless they have an accountant of course.
@@cyberscrilla absolutely
Or just keep it all private on an actual private chain like Monero.
You’re still converting fiat into crypto, so there’s always a traceable trail. You earn money, and then you’re buying crypto. The government isn’t oblivious to that.
@@cyberscrilla Cakepay ftw. If you got a traceable trail you missed the mark. Get out of fiat. But yes if you don't have true privacy best to report.
Koinly for years
Pretty similar tbh.
The regulations are not clear and there is not a single platform that will easily allow you to consolidate everything you do in crypto for taxes I know because I tried all of them
I’ve filed without any issues every year. Maybe ask a tax professional for help.
We can only do our best with what we know. But not filing is illegal where I live.
You doo so much trasactions. Do you even make profit???😂😂😂😅😅😅
@Hmmm313 Don’t worry about it. Focus on yourself.
Welcome to merika..the land of tax the shit on everything….what a shitshow😅😅😅😅…
paper wallets ,my own nodes. DEX to swap and for liquidity XMR . I have zero record of anything and my transactions don't exist. I have never filled a KYC and never needed it to use crypto
That’s great, but if you have an income and you’re spending that money-especially in large amounts to buy crypto-without any record of where it’s going, it could raise suspicions. This is particularly true unless you’re being paid under the table.
Having no record is not a good thing; it’s suspicious. To each their own, but for now, I’ll give the government what’s theirs (their inflated money) and keep what’s mine (my soul).
How do you exit to fake money with no-KYC? I need to buy coffee and food.
Your transactions exist when you turn the crypto into cash or deposit it into a bank. Then it looks like you just received a lump sum of cash, which is way worse than paying only tax on only your realized gains. You're actually making it worse.