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Thus why the IRS needs to be reformed/removed. I understand we need taxes and what they supply, but it’s only been recently the IRS jumped on taxing crypto, and they almost weren’t able to because of tracking and the fact that it’s international. They were late to jump on the ball and their tax rates for it are ridiculous
@BrickWalled how was it poorly written? That comment was surprisingly easy to understand and concise. I usually pull my hair out trying to understand these comments.
And this is why you you guys in Crypto and NFTs are going to lose your asses. All that shit is taxable, the government will always get their cut, so all that “money” your making they will come for, you can get away with it for a couple of years but good luck
Noone is forcing you to withdraw and turn crypto into fiat,if you make purchases on the Blockchain then there's no gov or banks,but it's much much harder to do
Holdings I had were liquidated and I was bought out to the tune of $12K. First thing I did was put 15% in the bank then used the remainder to pay my student loans down. Because of the deal I had with my lender, I was able to reduce my APR which made paying the remainder much faster. And those taxes? Yup. The 15% I put away covered them nicely.
@@User-actSpacing on the bright side, most ppl won’t have to worry about death taxes since the vast majority of ppl won’t ever have anywhere close to that much money.
One I thing I think is just theft, if you build a house by yourself with materials you purchased, supplied it with power yourself or by a company same with plumbing, they still charge you house tax even though you didn’t use any loans or anything
It's much better to tax everything at a lower rate than to only tax certain things at a higher rate. Otherwise the government effectively drives money into the untaxed activity
As a former tax professional I've seen a lot of folks absolutely shocked when it comes to crypto. Fun tip, if you do mining or regular, frequent trades you can potentially qualify for day trader status. Its definitely worth working with a professional.
So if I buy crypto at 100 dollers and I sell it at 100,000 in 4 weeks right less then a year and tax season is still 9 mounths away does the money get taxed as soon as I sell my bitcoin or do I put aside 37% of what I made to be safe for tax season
Annnnd if you are mining it, they also consider the creation of that crypto a taxable “income “ event. So you pay taxes twice. Once when you create it “goes to your wallet initially” and then again when you remove it “capital gains”
Thank you so much for this amazing video! I need some advice: I'm using a SafePal wallet with USDT and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Appreciate the detailed breakdown! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
Great content, as always! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Fun fact. If you don’t pay taxes the worst the government can do is show up to your house to be blown away and shredded Into hundreds of tiny pieces by the canons you bought instead of paying those taxes
I'm so glad I subscribed to your channel this just made my taxes so much easier I'm not lying on this I didn't file taxes last year because after I got done with the regular h&r block when it came to time to trying to do all my crypto exchanges it just got out of hand and I knew I'd lost a bunch of money from the drop at covid so I did practically no exchange trades this year and you just help me figure out how easy it's going to be to do my taxes now thank you
How does the gifter determine the cost basis when gifting only a fraction of their bitcoin holdings that were purchased on multiple dates? FIFO? Is HIFO an option?
@@HouseHoldAdventures You have to decide for yourself. If you don't have a problem with tax fraud or the country you live in doesn't track it, then you don't have to report it.
It’s completely a taxable event if you made money on the bitcoin before converting to eth. You would pay for the gain on that amount of bitcoin your exchanged at the time of the exchange.
Thanks Mr.Yang for all the investing tips, I’ve been making a playlist of all your helpful videos and will use it to finally starting investing. My only question is whats the best site/app to use when buying stocks?
Pretty sure its only when you turn your crypto into real world dollars. Crypto has no value until you convert it, and once you sell coins for money profit is when it gets taxed.
Do I pay taxes if I sold for a loss? What about if I gained originally, sold, bought more, and net lost. Do I have to pay taxes on the one gain even though I lost money over the whole year?
Just found out that you get taxed for exchanging one crypto to another. What if for example, u bought Bitcoin and decide to convert it to XRP, they apparently tax u on that too?? Would appreciate any one that could answer my question.
If I invested a little and held for a year and then invested a lot more into the same crypto would that mean I’d have to wait another year to pay long term taxes?
how does short term and long term taxes work if I DCA into bitcoin? If I make my initial purchase over a year ago will it be long term, or since I made my last purchase a couple weeks ago is it considered short term?
What happens in the case where you sold for a loss. Lets just say you had $10,000 of Bitcoin but it crashed down to $4000 and then you sold. What happens in that case when you had a 6k loss?
If you hate taxes, don't drive, go to school, use electricity, eat safe food, or take a poo. No free lunch baby, if you don't like it be ready for the downsides.
What is your advice for someone who has no clue on how to get started with cryptocurrency? A book, crash course manual for dummies on how to get started how it works a complete introductory guide please. Thank You
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Disclosure: I’m an affiliate partner, so if you use my link you’re supporting the channel and there’s no cost to you :) Thanks for watching - and subscribe because I also have longer videos on UA-cam!
thanks humphrey
What happens if I press the links? I rlly wanna know but I'm scared
@@Banana-uc2bq its just a referral link lol with the code of this youtuber on the sites coinbase and robinhood
Why won’t they give us a $1,000,000 stimulus check instead of saying Publishers Clearing House is real?
Her donat your card number and will send you 10 mio😂
Me: Loses money.
IRS: Your profit.
Me: Makes amazing gains!
IRS: OUR PROFIT.
You can write off losses on any gains you made 50k you lost 10k you get taxed on 40k only
USA government we need that money for gender studies programe
@@adamwhite202 I mean more accurately they need that money to bomb the Middle East that’s where the majority of the budget goes the military.
@@adamwhite202 and fat phobia study program
@@jadjajeh3270 dobt forgett donating military equipment to the taliband
Thank God I commit tax fraud
Thus why the IRS needs to be reformed/removed.
I understand we need taxes and what they supply, but it’s only been recently the IRS jumped on taxing crypto, and they almost weren’t able to because of tracking and the fact that it’s international. They were late to jump on the ball and their tax rates for it are ridiculous
These shorts are surprisingly easy to understand and concise. I usually pull my hair out trying to understand this stuff
@BrickWalled what do you mean
@BrickWalled how was it poorly written?
That comment was surprisingly easy to understand and concise. I usually pull my hair out trying to understand these comments.
@BrickWalled are you okay?
@@ninjaorange5061 🤣🤣🤣
@BrickWalled it’s because he doesn’t know what “concise” means
“Did you make money on cryptocurrencies or other digital currencies?”
*No.*
IRS do be knocking on your door
This man clearly does not take the IRS seriously.
OP: Uses a regulated crypto exchange that reports to the government thinking he's safe
IRS: Allow us to introduce ourselves
@@spacepopeXIVUniswap dosent report to irs
Whole point of crypto was to avoid government and banks
And this is why you you guys in Crypto and NFTs are going to lose your asses. All that shit is taxable, the government will always get their cut, so all that “money” your making they will come for, you can get away with it for a couple of years but good luck
Noone is forcing you to withdraw and turn crypto into fiat,if you make purchases on the Blockchain then there's no gov or banks,but it's much much harder to do
@@aureus79 purchases on what exactly? Fairy land cars and houses? It's useless unless you get your money back.
@@jamescassar5348 you can buy drugs and sell them for cash ;)
@@jamescassar5348 Bitcoin IS money. You will be able to just buy stuff with bitcoin. No need to use fiat again. No taxes on that
Not saying people should do it, but it’s also possible to mask your income from crypto by using exchanges that do not require KYC
yessir 😈
What is KYC?
@@linearmemories know your customer
Is there any crypto exchanges that don’t require that anymore?
@@e7lggames99 yes
Holdings I had were liquidated and I was bought out to the tune of $12K. First thing I did was put 15% in the bank then used the remainder to pay my student loans down. Because of the deal I had with my lender, I was able to reduce my APR which made paying the remainder much faster. And those taxes? Yup. The 15% I put away covered them nicely.
Big brain 🧠
@Cookies_with_milf it just means that they got sold.
Taxing something the government has nothing to do with? Sounds about normal
@@User-actSpacing and after all the money they steal from you, they treat you like garbage
@@User-actSpacing on the bright side, most ppl won’t have to worry about death taxes since the vast majority of ppl won’t ever have anywhere close to that much money.
@@User-actSpacing yep
@@prknight0100 how much ?
@@psd28 isn’t the money used for infrastructure, development and stuff
They’re going to start taxing the air you breathe
Carbon tax in Canada
I feel like thats probably already a thing in some places
@@PlagueMoo it is up here in communist Canada run by Justin Castro son of Fidel Castro a communist dictator
@@rickygill661 lol
Thats how thr UK does it. They tax you based on how many miles you drive and hoe my pollution you put into the air
One I thing I think is just theft, if you build a house by yourself with materials you purchased, supplied it with power yourself or by a company same with plumbing, they still charge you house tax even though you didn’t use any loans or anything
Complete theft
Capital gains/dividend tax
Sales tax
Property tax
Income tax
I fucking hate taxes
Hey man, saw on CNBC today! Nice, congrats! 💰💰
Thanks John!
remember kids don’t report your crypto portfolio
Dang the government really finds a way to tax everything😐
Thanks
It's much better to tax everything at a lower rate than to only tax certain things at a higher rate. Otherwise the government effectively drives money into the untaxed activity
Lmao remind me of the time I learned gambling winnings is taxable
Being into crypto and paying taxes for it is an oxymoron. You want to sell it, do it for a stablecoin.
The real answer for what you owe is nothing, the irs doesnt need to know 🙂
There's nothing in the United States code that says anything... There's not even any legislation... Smh
Just don't declare your earnings. Problem solved!
i keisterd a phone just to say, don’t do this.
@@hugosun9694 Nice try IRS agent
Isn't that called tax fraud
I don't declare anything. I'm tax exempt 🎉
As a former tax professional I've seen a lot of folks absolutely shocked when it comes to crypto. Fun tip, if you do mining or regular, frequent trades you can potentially qualify for day trader status. Its definitely worth working with a professional.
I need your help on cash app crypto for 2023
So if I buy crypto at 100 dollers and I sell it at 100,000 in 4 weeks right less then a year and tax season is still 9 mounths away does the money get taxed as soon as I sell my bitcoin or do I put aside 37% of what I made to be safe for tax season
Annnnd if you are mining it, they also consider the creation of that crypto a taxable “income “ event. So you pay taxes twice. Once when you create it “goes to your wallet initially” and then again when you remove it “capital gains”
Gotta love legal theft
Thanks God, I am from Serbia, where in the law, crypto does not exist.
Romanian here. 5% taxes on everything but the employees pay 40%.
I swear everyone makes fun of the USA tax system while the UK has it worse and no one says a word about it
Needed to see this, perfect timing. Thanks always!
Thank you so much for this amazing video! I need some advice: I'm using a SafePal wallet with USDT and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Appreciate the detailed breakdown! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
For people who MINE these laws are different. You only pay tax on mined coins when you sell because you didn't "pay" anything for the coin.
Lucky for me. Florida is one of the 9 satest that don't have an income tax. really simplfies things.
Same. Unfortunate still have to pay federal capital gains taxes
@@Im_George how much is that?
Taxes might suck, but know what sucks more? Unmaintained roads and a lack of hospitals.
😂😂😂 what a joke U Americans you still have to pay your medical bills what's the point on paying taxes and no free healthcare 😂😂😂
Great content, as always! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
Fun fact. If you don’t pay taxes the worst the government can do is show up to your house to be blown away and shredded Into hundreds of tiny pieces by the canons you bought instead of paying those taxes
Do not report crypto, taxation is theft
That’s why you don’t Use Coinbase
What exchange to cash out
Nothing like being taxed on the money I used to buy the crypto then being taxed again after my GAMBLE worked out.
The lowest tax bracket is 10% not 12%
If u don’t get income tax cuz u don’t make money do u pay no tax?
We learned about this in financial literacy
Crypto bros: crypto is real money! Why won't anyone believe me!
IRS: I believe you...
I'm so glad I subscribed to your channel this just made my taxes so much easier I'm not lying on this I didn't file taxes last year because after I got done with the regular h&r block when it came to time to trying to do all my crypto exchanges it just got out of hand and I knew I'd lost a bunch of money from the drop at covid so I did practically no exchange trades this year and you just help me figure out how easy it's going to be to do my taxes now thank you
read the title wrong and thought it was Texas on Crypto lol
Crazy that the government will want to take a cut off your money that you risked.
I have more less +/- 0 all the time sometimes it drops a lot and then Climbs back up to like 1-5$ on profit and then goes down to 0 profit
How does the gifter determine the cost basis when gifting only a fraction of their bitcoin holdings that were purchased on multiple dates? FIFO? Is HIFO an option?
That only works on government based exchanges like robinhood.
What if I lost money on the crypto I cashed out?
I just don't pay my taxes
Boy the irs just keeps fucking us. Timothy mcveigh should have got that building instead
Ahhh that sucks. It's a good thing that all that money u spent on that one site was for important consulting fees.
Im glad crypto gains are (at least for now) completely tax-free in Germany when the purchase was made more than a year ago.
@@HouseHoldAdventures You have to decide for yourself. If you don't have a problem with tax fraud or the country you live in doesn't track it, then you don't have to report it.
When to pay taxes? I mean taxes need to pay on every profit made on transactions or after completing bank transfers?
Taxes are such bs. Literally any money you make they tax the 💩 out of.
"Property" when currency is literally in its name like hell I'm paying the IRS for currency
What about if I converted Bitcoin into Ethereum? How am I taxed on that?
You haven’t sold anything since you just swapped them so you don’t pay taxes.
Other countries consider this a taxable event
@@User-actSpacing let's get government out of our finances!
Yes.
There's no like kind tax free swap with crypto.
It’s completely a taxable event if you made money on the bitcoin before converting to eth. You would pay for the gain on that amount of bitcoin your exchanged at the time of the exchange.
Don't worry they don't know that I know this trick
* evades taxes*
Some people on here really be thinking the Government (any that is) be running on Air and Goodwill.
Thanks Mr.Yang for all the investing tips, I’ve been making a playlist of all your helpful videos and will use it to finally starting investing. My only question is whats the best site/app to use when buying stocks?
paying taxes doesn't suck, it whats keeps a country functioning.
Taxing crypto profits it's one of the laziest moves the IRS does so far, the government does nothing to contribute the crypto environment
How do you find what your specific rate is?
Crypto isn't money and it's worthless the government said this I'm sticking to what they said originally
What if you bought other crypto with your crypto? Is it a taxable event, or only when the profit is realized in dollars?
Pretty sure its only when you turn your crypto into real world dollars. Crypto has no value until you convert it, and once you sell coins for money profit is when it gets taxed.
Thanks
Yes, we have already missed the deadline for those currencies, but fortunately, we still have some possibilities, such INFTY3 Token.
Imagine if you worked at your job for longer than a year you pay less in income tax.
I wish that was the case lol
All Imma say
Crypto is anonymous.
I'm not saying you should commit tax evasion, in just saying it's a big L for the IRS if you do.
Do I pay taxes if I sold for a loss? What about if I gained originally, sold, bought more, and net lost. Do I have to pay taxes on the one gain even though I lost money over the whole year?
Yeah instead. Don't report it and find a way to directly exchange it for goods or services.
How much would I pay on long term if I am retired?
Haha we shouldn’t pay any taxes on crypto what’s the point of decentralize finance if we are still paying Uncle Sam
Wow
It's lovely to see the American's suffering so much with taxes
Fr wall should do something about it
No one suffers from taxes dude. People just bitch and whine about it because they dont want to pay to live in their country.
Just found out that you get taxed for exchanging one crypto to another. What if for example, u bought Bitcoin and decide to convert it to XRP, they apparently tax u on that too?? Would appreciate any one that could answer my question.
If you made money on that bitcoin when you trade it for xmp. Yes you would pay tax on the gain of that bitcoin prior to trade
Was it always taxed?
No, taxes don’t suck. They are essential to keep countries alive (and all the benefits associated with them)
Never seen your Bitcoin for US money. If you are going to sell your Bitcoin, sell it for stuff (in other words, buy things with it)
Thanks
Yeah, win or lose, the IRS always wants it's pound or more of flesh 👍
If I invested a little and held for a year and then invested a lot more into the same crypto would that mean I’d have to wait another year to pay long term taxes?
What if you have 100k unreleased capital gains tax and only withdraw 5k a year?
I learn more from this guy than i did in school
How is nft flipping taxed?
how does short term and long term taxes work if I DCA into bitcoin? If I make my initial purchase over a year ago will it be long term, or since I made my last purchase a couple weeks ago is it considered short term?
These shorts are really good
Your risk, our profit
that's why many consider to just spend it
You only have to pay tax when u liquidate right?
Well yeah. They tax your profits not the value of your coins.
imagine taxing hair loss
What happens when gov sends out cheques like gum balls
The US Govt and SEC is not regulating crypto, but at the same time are taxing it.
Okay
Best way to avoid taxes is to not make money
In 2025, you need to pay tax for breathing oxygen
What if I spend the crypto as currency?
What happens in the case where you sold for a loss. Lets just say you had $10,000 of Bitcoin but it crashed down to $4000 and then you sold. What happens in that case when you had a 6k loss?
Hope someone answers ❤
@@TazLitty Me to. Still waiting 😒
If you hate taxes, don't drive, go to school, use electricity, eat safe food, or take a poo. No free lunch baby, if you don't like it be ready for the downsides.
Why long term capital gains tax is less than short term? (I am a viewer from Turkey)
Can I sell and buy back in to avoid the taxes?
No. As soon as you sell for a profit, your profit gets taxed. Doesnt matter if you put it back in
If they don’t automatically take it off when I cash out I’m not paying them shit that’s way too much work to give away money
What is your advice for someone who has no clue on how to get started with cryptocurrency? A book, crash course manual for dummies on how to get started how it works a complete introductory guide please.
Thank You
Do you at least get it back in your tax returns the next season ?
I'm the uk you can get between 12k to 25k capital gains tax free