Lately I’ve been seeing a lot of people very confused and worried about the upcomming tax season and how their Bitcoin and Cryptocurrency holdings and activity is going to affect their taxes this year.
I see a lot of people really confused as well as a lot of mis-information being spread such as people saying things like you don’t have to pay taxes on crypto, or selling Bitcoin for Lisk isn’t taxable and other myths.
I’m not an accountant or a tax expert. That said I do have some experience trading stocks and other investmets so I do have somewhat of an understanding how capital gains taxes work. I also have done some research on this subject matter and more recently have purchased Bitcoin Tax and started the process of figuring out my own tax obligations this year so I wanted to share what I’ve figured out and what I’ve learned. If I mis-spoke on anything or if you disagree with anything I’ve said please drop a comment below.
In regards to some of the websites and charts I’ve shown in this video I’ll link to them below…
Chart Showing What Short Term Capital Gain Tax Bracket Your In
https://www.fool.com/retirement/2017/03/21/short-term-capital-gains-tax-rates-in-2017.aspx
Bitcoin Tax Best Program For Calculating Your Gains
https://bitcoin.tax/
Cointracking.Info Decent For Bitcoin and Altcoins
https://cointracking.info?ref=J551710
Article About First in First in First Out Explained
https://bravenewcoin.com/news/capital-gains-on-cryptocurrency-fifo-lifo-or-specific-identification/
Crypto Tax Fairness Act Article
https://cointelegraph.com/news/legislation-proposed-in-us-would-end-capital-gains-tax-on-bitcoin-purchases-under-600
In this video we discuss whether like kind exchanges ie crypto for cryrpto are immune from taxes. We discuss short term and long term capital gains and what rates those are at. We discuss how to report your gains ie First in First out, Last in First out and which is appropriate. We also discuss the pending legislation for the Cryptocurrency Tax Fairness act which would make purchases with crypto under $600 immune from you having to report or pay capital gains on those transactions.
If you have anything to add please drop a comment in the comments section below…
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