Crypto Taxes Explained: Buying, Trading, Swapping, Staking, Rewards, Airdrops, Mining and More...
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- čas přidán 31. 05. 2024
- This video explains how Crypto taxes work. Whether you bought and sold crypto, got paid in crypto, exchanged one crypto for another, earned rewards, received an airdrop, earned interest, mined crypto, purchased goods or services with crypto or maybe you’re just HODLing, you’re going to want to watch this video because chances are, you have a taxable event that you may need to report on your tax return. You'll also learn if your crypto taxable event is taxed as ordinary income, short term capital gains, long term capital gains or even self-employment income.
Timestamps
0:00 Intro
03:41 Sold Crypto for cash
05:16 Learn and Trade Crypto on Coinbase
06:10 Paid for goods or services using crypto
08:15 Buying/Converting/Exchanging one crypto with another crypto
09:44 Being paid in Crypto or receiving an Airdrop
11:03 Receiving Crypto rewards such as staking or interest
13:03 Use Celsius to earn 8.50% or more on your Crypto
15:15 Mining Crypto
17:30 Use CryptoTrader.Tax to keep track of your Crypto transactions for tax purposes
19:50 Donating Crypto to a qualified tax-exempt charity
20:22 Buying Crypto with cash and just holding it
21:20 Transferring Crypto between one wallet to another or one exchange to another.
22:15 Ordinary income tax, short-term capital gains and long-term capital gains
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#crypto #HODL #taxes
Great video… thx
Hello! Are the coins I received as a test coins for spending on a testnet for airdrop is a taxable event?
what happens if u mainly held for a long period of time but small portion of the profit was received from staking. After I cash out, is the whole thing taxed as normal income or only the staking rewards?
hi Navi thanks for the video super helpful! I purchased a STRONG node token which initially costs 10 Strong as a sunk cost (I can't get this back), and then I receive Strong token rewards over time. Would I be able to deduct the initial cost basis of the 10 Strong from my earnings over time (to do this I would need to file as a sole proprietorship correct?)? I would assume my earnings over time are considered ordinary income with the cost basis of the time I received it, just not sure how to best deduct
If a vehicle is required for the use of the business, is the vehicle payment a tax deduction? And, can you depreciate the vehicle while making payments?
Didn't see the Celsius promo code, can you share?
what are the taxes on staking?
What happens at tax time if you have lost access to your wallet or got scammed for you BTC?
Can someone open a business account like an LLC to trade crypto?
Thank you for the explanations. Very helpful! Are realized losses tax write off?
Hey @Mikey V. It depends on what activity caused the loss. If it was due to mining, you should be able to write it off and offset other earned income you have. If it was a loss strictly related to trading, you may be capped at $3,000 and have to carryforward additional losses to future years.
Yes trading. Got it. Thank you!!
You did not cover the how to calculate the sales price of the crypto you "sold" in a swap and the "cost basis" of the crypto you bought in the swap and how the fees are allocated. What you did do is oversimplify a swap and that means people will be paying more taxes than they need to, since the fees are not accounted for in your model.
What are the taxes on swapping a coin do I have to pay any ?
He explains in the video.
If you made profits, the profits is taxable.
He said, if you purchase $250 of Ethereum and your Ethereum grew to $400 and bought lite coin with those $400, then $150 that you made is taxable.
In other words, if you don't make profits, it's not taxable, I think
Would livececokanation and examples of fifo lilo and Hilo not sure of last one.