You DON'T Have to Pay Crypto Taxes (Tax Expert Explains)
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- Äas pĆidĂĄn 16. 05. 2024
- I found out the hard way. You don't have to pay crypto taxes ... if you speak to a Crypto Tax Expert BEFORE you invest you hard earned money. In this video, I interview renowned crypto tax certified public accountant, Chris Passmore. He answers the questions I often get -- do you have to pay taxes on your crypto earnings? How much do you have to pay? -- and much more. A huge thank you goes to Chris. If you need a crypto CPA, please tweet @PassmoreCPA
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CHAPTERS:
0:00 Should You Pay Taxes on Your Crypto Gains?
0:47 Chris Passmore -- Your Social Media CPA
0:51 Do You Have to Pay Taxes on Your Crypto Earnings?
1:06 How Much in Crypto Taxes Do You Owe?
1:52 Do You Need an Accountant or CPA to Do Your Crypto Taxes?
2:32 Crypto Tax Strategies for 2022
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#crypto #cryptotaxes #iancorzine - VÄda a technologie
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It was great to collaborate here and to share with your audience the possible exposure to taxes on their cryptocurrency gains. None of us want to pay the IRS more than necessary, so let's keep working together to minimize that amount!
Thanks so much for your time on this Chris -- you really helped a lot of people!
ohh look another guy who thinks crypto is trading coins. like people dont mine them .. never touch a majior exchange or develop thier own tokens. saying you cypto on coinbase is like saying you got to drive your dads car but had to sit on his lap.
@@yoursocialmedialawyer. If I donât sell my crypto then I donât have to pay taxes on it?
Misleading title. You don't pay crypto taxes if you offset the gains with losses from other investments. Doesn't everyone already know that?
You dont pay because its not legal to pay taxes on something that is not legal tender and is not regulated by Congress. Constitution states Congress shall issue the coin and its worth so therefore the IRS is breaking the law but morons are too cowardly to fight back.
I hate taxes and i hate the IRS. It sucks that our species are so enslaved by pieces of paper/pieces of metal called money. I'm interested in making money in the Metaverse even though i hate and despise money with a passion but i was never taught how to pay annual income taxes growing up.
Better hope you can fly under the radar. these people are serious as a heart attack.
Crypto and metaverse still are tied to real money, you just don't understand it yet and think this is somehow separate from the real world.
â@@eksine their value is "tied to" real money, but you could theoretically just bypass ever having to use real money if you find places or people who will accept your virtual monopoly money as payment đ unfortunately if you wanna buy, oh I don't know.. food, shelter, electricity, water, or internet service.. then you gotta have real money anyway soooooooooooo yeah OP, hate the IRS and taxes all you want, I hate having to file knowing that THE IRS ALREADY HAS ALL OF YOUR TAX INFO and could literally do your taxes for you easily.. you still gotta pay and they still get to force you to sell a chunk of your crypto anyway to pay them with.
That said, I'd be happy for them to just take 75% of my income if it meant free quality healthcare, education for life, a credit towards shelter/housing or a universal basic income, for myself and my children. Taxes are NOT a bad thing, the primary issue is that in America, we hardly get squat out of paying them compared to some other countries
Monero. Research it. Thank me later
Ao go hunt in a cave somewhere for a week. Since you hate money so much. How can you hate something you are so dependant on?! Hating money will never allow u to make a lot of it
What if you don't sell your crypto but use it to barter. Like buying goods with it do you still need to pay tax on the item you traded for the crypto and if so then aren't you being triple taxed.
So you avoid paying taxes by breaking even or losing money, sweet!đđ
I keep getting duplicate efile when i filed my crypto taxes cuz i filed my. W2 first i didnt file it together what should i doâŠim gonna try to mail it is it gonna work?
"You will own nothing and you will be happy." - World Economic Forum
Good ole Klaus Schwab
@@yoursocialmedialawyer Exactly. Heâs no better than the guy with the funny mustache. World War II antagonist.
I get it if you had (1) purchase but why is no one asking the obvious question of how does one know which transaction you're actually selling if you have a lot of buys...
Example, I DCA over the course of 3 months each day buying at lower prices and sometimes higher prices.. Then in month 4, I decide to sell 25% of the total bag... Now the price I sold at makes some of my previous purchases gainers but a few of them losers. How do you know which buys to factor in for the 25% sell? Does this make sense? I feel like I can't be the only one perplexed by this
I know what u mean, I am no expert but I heard that when u file taxes n sell ur asset, it is actually ur choice to choose which one u actually sold. Does that make sense?
Is there a way to track all of your 2021 transactions across multiple chains if you did not keep good records in real time?
Coin tracker
Koinly
So, If i bought some crypto 12 or more months ago and then bought a lot more to average down in less than 12 months, can I sell the amount of coins i bought at a higher price 12+ months ago and it is a loss Since those coins technically costed more than their current worth while keeping the less than 12 month coins? even though I am up overall?
What is the situation if you were gifted bitcoin or played a game and won crypto?
Do you have to pay taxes on crypto if you live in USA and mining in another country ?
what about futures trading taxes?
What about long term losses? I had a few thousand in losses from tokens purchased in 2021 (I traded them this year for other cryptos at about a 70% loss)
I need to know if I understand correctly if I sell before a year I'll owe regular taxes, but if I sell after a year I'll only owe capital gain taxes
Correct. 1 year and 1 day.
I have Coinbase and binance and a trust wallet Iâm sooo confused. I bought cryto but I never withdrew it I just sold and bought other Cypto do I need to report that? I just left all money on platforms never to my money back. They say if I never withdrew or bought any personal items I donât need to report is this true?
True
Whether if you sold any crypto it is a capital gains event. The IRS sees trades as a sell, and then as a buy. So let's say you have some crypto at an exchange or in your wallet and you trade if for another coin, it means you sold whatever crypto, and then the crypto you buy becomes your new asset which will incur a gain or a loss when you sell it again ( or trade it , same thing).
Do I have to pay a tax if I send Solana from an exchange to a wallet, where I can then swap Solana for other alt coins? In some cases, this is the only way to acquire certain crypto coins.
Hi, do you have to report crypto on your taxes even if you donât cash out & leave it on, letâs say, Coinbase? Or do you just report it if you cash out?
I have the same question
You only have to report gains and losses. If you never sold the tokens, then you have no gains nor losses yet. So no, you do not have anything to report. You COULDN'T even report it anywhere on your taxes, because they simply ask what your gains or losses were, so you would have no number to type in there
don't use coinbase, you are getting trapped in the same system you are in currently.
Still looking for the video that talks about destroying the IRS.
Hi , Iâm so confused. I bought and sold crypto and had good gains. When I withdrew my funds theyâre telling me I have to pay the taxes on my gains first before releasing my funds to my bank. This was a short term trade. Is this true? So I have to pay taxes first?
What exchange?
Hi. I've put in $9k in crypto and lost the majority of it since 2020. If I my crypto does well this next year (2024l and goes back up to $9k, will I have to report it as income? Because technically I didn't make any money. I didn't report any losses this whole time I've owned crypto.
If I sell my 1 btc at 60k for 20k profit , then 2 months later, btc drops to 20k and reinvest all of the profit and buy another btc, do I still owe tax?
What if i staked liquidity and got earned income as rewards for providing liquidity, how do I calculate the buy price if i didn't buy but earned the tokens as rewards.
The price is calculated when you received the rewards. How much was it worth when you received it?
What if I sent crypto to cash app and then sold it? The 1099b says only proceeds but nothing else. If I already paid taxes on my income and decided to save that money I earned n payed taxes on why does cash app generate a 1099b in the first place? And do I pay taxes on these proceeds listed on the form?
I'm gonna have to direct this one to your accountant my man
Wait, I thought we only have to pay taxes on crypto gains if you pulled it out.
So do we pay taxes if thereâs a gain but donât pull the money out?
Iâm totally confused.
Dude Iâm just learning this too and Iâm getting screwed and I barley have any like less than 6000 worth and Iâm just holding and itâs making my taxes so much more complicated
â@@Goofmaxxin listen you can relax. You don't have to do ANYTHING on your taxes related to crypto if you've just been holding your coins for the entire year. On your tax forms, you are only asked to enter your net capital gains or losses. If you never sold your tokens (or traded it for another kind of token/coin) then you literally have no gain nor loss to even be able to enter in. If you did trade one token for another, or sold it for cash, then yes there will be a gain or loss to enter, and you should use a crypto tax service like koinly or cointracker
That is correct, don't get confused, don't worry!!! Just know that trading one crypto for another type of crypto counts as a "sale" so if you did sell any coins/tokens, or trade one token for another then yeah you'll have a capital gain or loss to figure out. If not, then you're good, don't worry about until you sell
To be even more clear, only "realized" gains count. If you bought 1BTC for $100 a decade ago and you still have it today and it's worth ~$26,000 then that is an unrealized gain, it doesn't count as a gain until you sell it for cash or for a different token or spend it on something directly
@@outbakjak What if you trade it but not for cash, Say I use it to buy gift card or a item of ebay. Do I have to tax on that and should I have to pay tax on the item I traded it for. And if the Item was used the the item was tax for every trade. seem like the system is only set up to bend other the public for even buying anything new or used.
On the subject of being hacked . I canât believe there is no way to write off a theft like that as a loss .. like 30 thousand dollar hack / theft , should be covered somewhere right ?
The IRS only cares about finding ways to tax you, not being fair or anything.
Why would you want to lose a position for the same amount you made to avoid taxes on it , doesnât that just make it like you never did it in the first place ?
Sure doesn't fit the definition of something that was originally intended to be a decentralized currency. So if the FED [purposefully] initiates an inflationary period via "QE", BTC goes up... Things that make you go hmmmmmmmm
Can i pay investment company a tax before withdraw crypto or this is a scams.
âGainsâ - thatâs assuming you sold the cryptoâŠ
sooo if youâre just holding and not taking any action with it, then is it not taxable?
yep -- you'll have to pay the piper later
@@yoursocialmedialawyer If you eventually sell above the value you paid.
What if you sell a portion of it, let's say you withdraw in small amounts, can your void a high percentage by doing this.
@@cryptianoronaldo9437 If you sell a portion, you pay the gain or realize the loss on that portion that was first invested. So to void any gain, you need to make sure the amount you bought that portion for is more than what you're selling it for. The loss only applies to that small portion, not the whole investment.
Not a single video addresses the circumstance of if you never even bought crypto with Fiat and mined/premined it instead?
As a blockchain developer, I can create my own crypto at any second/mine, ride the price valuations, then sell the total supply for some other crypto like USDT/USDC/Luna (lol)/any other proposed "stablecoin" pegged to the value of some fiat. No USD/fiat has to be involved anywhere. How does one pay taxes on this? It's a completely closed system... It's like the government will force me to get another job that pays in dollars so that I can pay them some percieved "gains". Fiat is ensured by force, crypto is ensured by consensus... I know which one I'll prefer to use for the distant future...
I got sent a 1099 for 2018 from Coinbase, mind you Ive just been losing massively in crypto, also when you check the gains and losses for 2018, it says zero. Now the IRS says I owe $53,000 to them roughly and this is false. Then today I look in my coinbase app and they said I have to add details for some of the transactions for 2018 but that it doesn't have any tax impact. All I did was day trading at minimum with losses, and I had been paying for social media marketing services with crypto because that's what most of these companies accept. My anxiety is through the roof and my accountant is always hard to get a hold of. The $53,000 had acquired late filing fees and now they say today I owe $93,000. I have no idea what to do I even tried calling the IRS and no answer. Im so scared please help me
Any update? I know im nowhere near this level, but i bought about $600 in crypto and its up to $1400 roughly, but like im scared to sell it because i have no idea the kind of tax implications and i dont want to have a potential issue like what you experienced.
Misleading title. I learn nothing. And it is the same bs I watched from 30 other videos. What I want is a video on how someone actually did their taxes
Ok. Coming up.
Will IRS send email to the person who recieves bitcoin to pay the tax in the form of bitcoin ?
Give them monopoly money it holds the same value.
i am staking etherum. when do i pay the taxes on that?
The year in which you sell -- and only on difference between buy price and sell price
I was wondering, at what point does something become taxable? What if we decide that Box tops are of trading value, Then you and I both decide that I give you a Box top for a carrot that your grew.
Is the government allowed to interfere in our private trade agreement?
What if you day traded for a few months but didnât make any profits.. I only lost money but I did buy and sell a lot. Does that mean every single buy and sell are taxable offenses? For example if I put in $100 and used that money to buy and sell for 6
Months. Hypothetically letâs say I made no money and quit and cashed out $20. Does that mean the buys and sells for 6 months add up ? So for my $100 you can owe thousands and thousands of dollars? Iâm very confused.
You can offset with the amount you lost
If you buy bitcoin and trade it do u still have to pay taxes?
If you made money
To be honest I don't see how they can tax something that is not legal tender for debt in that US to begin with.
If you generate revenue from real estate you have to pay tax. Not legal tender.
In total I have currently $15.21 "Gains" in crypto for the year 2020 on coinbase. Nothing since (for now). That being said, I never paid a tax on that, I didnt even know that was a gain that existed. Should I be worried or like am i trippin over nothing lmao
I've done thousands of buys and sells in and out of crypto. Can't even remember some of the crypto I bought or sold and never kept track of any of it. How the heck am I gonna backtrack on anything I've ever done??? đą
What about the defi (passive income) side of crypto?
Thats considered a short term gain . Like day trading under the 1 year bracket . Difference between longterm gains like over 1 year you just have better percentage youll save to pay on taxes from those gains . But unlike nevada texas and wyhoming you pay 0 capital gains tax on block chain and smart contracts đ
I have a question, if you can get it answered A.S.A.P.? They are asking me to pay taxes on my gains over $10k. And I have 7 days in order to do it, or else they are going to penalize me 5% a day? HOW CAN THIS BE POSSIBLE?
Hey Craig -- you're definitely going to have to direct this one to your CPA
you bought your crypto on a centralized exchanged which reports your gains to the government that's how they dinged you. Any regulated exchange will do this automatically.
What if you have only losses on it after a few months
in that case, the government has to pay you back
Wow Thanks God Bless
In 2017 nevada passed a law not to tax blockchain and smartcontracts w crypto đ correct me if im wrong
Bitcoin was created to break away from the current Central Banking System.. .. This is why Bitcoin is Decentralized. The IRS is part of the Central Banking System.. That being said.. what gives them the right to tax you on Bitcoin or any other Decentralized currency??
I just want to send money to an abroad country via crypto and i'll do that once - do i still have to pay tax for it end of the year?
No
Do you have crypto gains? For more crypto tax strategies, join our community here: bit.ly/vland-ian
How can i contact you ? I want to send you my NFT project to check out if thatâs possible
Indeed sir
So the Rothschilds Religion or cult of IRS as the hexagon or black cube symbolism, as a control cult within the federal and or state government. Now Analyzes crypto as real money.
Do I have to pay taxes on crypto I bought and transferred to a friend wallet?
Was gift more than $15,000?
Omg I was up 15,000 bucks on a crypto and then swapped it into another crypto but I didn't actually cash it out into cash..... So if I owe , I don't actually have the cash because I didn't cash out... I have no money and the coin I swapped into tanked ..... Do I owe tax money if I didn't go into cash ? đđđđđđđđđđđđđ
The crypto platform is saying I have to pay taxes if my gains up front prior to the release of funds. Is this normal? Also, I want to confirm I am using a legit platform.
Did it end up being legit?
There is no way the irs can come after your crypto if you held your crypto in a non custodial wallet and do trading on a decentralized exchange. Can someone tell me how that would work because it's untraceable. Unless you are selling all your crypto on a centralized exchange and moving it into your bank account then they would be able to track it, otherwise no. Any exchange that does KYC will have your information unless they don't report it to government. The whole purpose of crypto is to be anonymous in the first place, which was why bitcoin was created in the first place. Crypto means not openly avowed or declared. Cryptocurrency was created so that we the people have our money secured and not allowed to be taxed. Wake up guys. Our current banking system is so messed up and not safe which is why people want security in the first place. FDIC is a scam as we all know it, insuring only up to $250000.00. Look at the silicon valley banking collapse that just happened. If tomorrow your bank closes down and says sorry you can't withdraw your money, then what are you going to do?
What if you lost your keys
Nice and very interesting video. but the title..... so misleading (still trying to understand why you turned the title that way)
Is a crypto trade the same as a sell?
No it's not đŻđŻđŻ
You'll be taxed on the gains From that trade to another crypto.
@@shawnm1472 How do you gain when it is the same fiat dollar amount? Only the coin quantity changes?
how can I personally e-mail you?
email address is available at iancorzine.com
What about UK please? â ïžđ€
Sure -- will get a post out on that
I need help so a few months ago I lend $30,000 BTC now they will be repaying it back. When I get it back I will be sending it back to my bank account from where it came out in the 1st place. Now my question is do I have to pay taxes? Please any help would be helpful. Thanks
why would you put it back into your account? That is a poor financial decision.
Didn't the CPA say the exact opposite of the title?
How to avoid actual taxes when???
In the US, 2021 taxes are due in April
@@yoursocialmedialawyer I'm a kid so I don't have to pay anything yet
Coin ledger??????
5 minutes of my life I'll never get back.
Say no to taxes, stand your ground, you are not the criminal.
I hope your accountant got to say "I told you so"
What if you take out some of you original investment. And what if you converted/sold but did not put it in you bank for real money?
Did the price go up when you took out your original investment? Then yes you owe taxes because you made profit. When ever you sell and make profit, you owe taxes. Even if you leave it in the account.
@@MrGamecatCanaveral Umm , that's not true at all.
@@matttafakt well if you live in a place that doesn't pay taxes, then you are correct. But in the United States, if you sell and make a profit, you owe taxes, even if you don't put it into your bank account.
Yes,!!!!
Coinbase is taxing me for all the crypto I sent off the exchange, & they told the irs I made 70k when I only sold 15k. Im fucked
No youâre not. Take this to a qualified accountant. She can fix you up. Hang in there man.
@@yoursocialmedialawyer I figured it out, sorry for the public panic
Why they ainât come for me then ?
What if you earn interest in crypto and you don't sell the crypto do you have to pay taxes?
Taxes are based on buying and selling. If you sell then you have to pay taxes, if you hold, they have nothing to tax you on.
@@emplays22 how about converting from one Crypto to another, where no profit is made?
@@mark-govers â Idk for sure but i think taxes are solely based on profited gains. Imagine getting taxed while either not gaining anything or losing a bit đ
If they are paying you your interest in more crypto then you wonât be taxed until you sell receiving or buying crypto is not a taxable event only selling is
@@Compact47 how do you keep track of it so you don't overpay in taxes?
Itâs not a gain until you take the money out though? What about when you lose? How come people donât get taxes back? Taxes are a wrought? A new system is needed
Iâm pretty sure you can deduct some losses
No different from any asset. If you hold you don't pay tax or get to write off losses until you sell. Hardly news Ian. Gold has also been a similar asset class.
Why is this video titled wrong? You DO have to pay crypto taxes, click baiters.
Just go to Dubai or some country's who don't taxe crypto s and cash out, cryptos are just like gambling and it should be not taxed protect your family and founds from all this predators. God bless you all.
There are definitely legal ways to not pay taxes.
It is illegal to tax crypto. Constitution states Congress shall issue the coin and its worth. No one else has a legal right to decide what is money period.
the point of the video is that it's a clickbait
I don't understand why people go to great lengths to give their hard earned money to the thieves đđ€Łđđ€Łđ
people forget the meaning of crypto.
Can my wife send me money to my own bank account as a gift, and I use this money in my crypto trading?
Crytpo is not money, This is illegal. They dont own it, They dont regulate it and it holds no intrinsic value. It is not legal tender therefore you do not have to pay no matter what they say.They are breaking the law.
dude this is a click bait. you have to pay crypto tax lol. doesn't match the title
In my opinion we all have to pay taxes. Because if we pay $0 tax, crime rates will go up a lot, due to the imbalance of the economy!
that's false as we all know the fed can print unlimited amounts of money. Crimes are caused by corrupt government officials.
Click bait
Clickbait
misleading title.
Not very helpful. I learned nothing about the implications of crypto taxes when it comes to day-trading from this
tax evasion!!!!! yay!!!
is it easy to commit tax fraud with this because the government has no control over crypto?
They have 0 control and cannot legally tax something that is not legal tender. Only Congress can issue the money. No one else has the authority so the IRS is breaking the law and no one is fighting this like complete fools.
You might want to consider changing the title of your video to "you DO have to pay". I gave this vid a well deserved, big ol' thumbs down
Wow. That was some frustrating clickbait.
What a BS title! And why the hell.would anyone intentionally sell something at aloss to offset a crypto gain! Seriously!
This is garbage. I feel they were holding back other strategies
Mr satan REEEEE rules rules
I know it's frustrating
Sorry, but thumbs down. As you did not explain anywhere in the video how you are not paying crypto taxes. You are only offsetting with your losses from other investments. Misleading tittle and wasted 5 minutes of my time.
Disappointing. Misleading title.
Waste of time
Basic knowledge nothing new
Clickbait đ
One great thing about investing is nothing even needs to be reported if you don't withdraw during any given calendar year. I'd like to know, though, why the amount paid in (when buying) matters because tax isn't paid on the amount received or sold for minus the amount invested/paid. The tax is due on the entire amount received or sold for. It's not like buying/selling a product (like a t-shirt) or service (like internet).
- Ian, could you please check my message I sent you on Instagram back in September?
As soon as you sell or trade the crypto, if its value has changed since you acquired it you are liable for short or long term gain or loss. Even if you trade btc for eth you are assessed at trade time.
Your first sentence is not true, unless it's a retirement account. And you are only taxed on the gain not the entire amount sold, which would make no sense.
Barry OBrien
That's not what I said.
Reed Moon
Read your contradiction.
My first sentence IS true. It's stated in this video.
When you have no income, of any kind, you're not taxed. It's not possible to tax what's not earned/received.
...and, fyi...
This video title is not "misleading." It's purposely titled as it is.
@@BrianJoslyn not sure exactly what you mean, so please excuse of I get it wrong. If you buy crypto and sell it for exactly the same price you paid you pay no tax as your investment in crypto has not appreciated in value. It has actually lost value due to currency inflation. That is why the price paid is important. If you mined the currency you are correct and tax is due on total amount. You are correct if you don't sell its tax free
I never said anything about not profiting. I implied profiting.
The purchase amount still shouldn't matter because a sell includes the entire amount. Thus, if bought at $2 and sold at $10 and say it dropped to $1 then the profit would be $9 at the time of selling. However, the sell amount is still $10 which would be what's taxed.
Iâm donating to my charity trust!