Cryptocurrency Taxes? Everything You Need To Know With A Tax Pro! Have you made profits from trading Cryptocurrency? Did you know that the IRS is a terribly greedy organization that really wants your money? Did you know you may need to pay taxes on your Cryptocurrency profits? If you have said yes to all of these questions? Did you say no? Either way, you should watch this video to better understand Cryptocurrency taxes and how to protect yourself against them. Especially in the current financial climate, you need as much information as possible when it comes to Crypto. In this video, we interview Rebecca Samuels who is a Crypto Tax Professional and she sheds light in the world of Cryptocurrency taxes.
0:50 Rebecca’s Background
1:50 How is Cryptocurrency taxed at the moment
3:49 Crypto used for rent payment?
5:43 Tax write-offs with Cryptocurrency
7:44 Best tax structure for Cryptocurrency
9:40 Cryptocurrency regulation from the Government
14:15 Deferring capital gains taxes from Cryptocurrency
Rebecca has been a Crypto CPA for the past few years and she has seen this sector evolve along that time. So currently the IRS expects everyone to pay taxes on their Cryptocurrency holdings. The IRS views cryptocurrency as property, so just like anything else that we earn, the IRS wants their cut, but it does depend on how you receive the Cryptocurrency. So in order for the IRS to properly categorize your cryptocurrency holdings, they must know the way that you received the Crypto.
So what would happen if one day, your landlord and or tenants want to pay/receive rent payments in crypto? Well according to Rebecca it’s a combination of receiving a rental payment AND in conjunction with the unrealized gain of the actual crypto. So there is two separate columns that would need to be figured out when filing taxes.
Now one of the questions that we have (along with majority of other crypto holders)….is there special tax write-offs when it comes to crypto? Well according to Rebecca, crypto traders do not fall under the traditional “trader status” by the IRS. There is still A LOT of gray area when it comes to cryptocurrency that the IRS and the Government still are figuring out.
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