AVOID IRS INSANITY. TOP CRYPTO TAX INFO YOU MUST KNOW! W/ CRYPTO CPA.

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[@DigitalAssetNews]

💰iTrust CRYPTO IRA *channel sponsor* 💰💰 $100 Sign-Up BONUS & NO MONTHLY FEES! 💰💰I RECOMMEND & HAVE a ROTH IRA with iTRUST 💰💰🛑 Why a CRYPTO IRA? VIDEO 👉 bit.ly/danIRA 💰💰💰💰💰 *affiliate LINK - itrust.capital/dan 🚀 Ben's INTO THE CRYPTOVERSE Site (On-Chain, Macro & Strategy) 🚀 *affiliate LINK - intothecryptoverse.com/c/dan10 🚀10% OFF 1st MONTH ANY PLAN (excluding LIFETIME) with CODE: DAN10 🕋 TANGEM COLD STORAGE WALLET (my choice) 🕋 Simple, Secure & Inexpensive. EAL 6+ Secure Rating. 🕋 Tangem Deep Dive Video - kzbin.info/www/bejne/eXvIn5-gms5nl8U 🕋 *Affiliate Link 10% OFF! - tangem.com/pricing/?promocode=DAN

[@user-mf5qg9gn4o]

The government should not have this much power abolish the irs

[@RickyCarlisle22]

just blows my mind that we put up with these thieves

[@bsaddis47]

Dont sell until you have enough to not worry about taxes. 😂

[@ronniedoorzon1576]

When i will have enough, i will move to some tax paradise because i'm sure not going to make my government an unwanted businespartner that i need to pay about half my earnings! Now way!

[@coreytucker22]

They should go after the people who got illegitimate PPP loans with fake businesses first lol

[@user-ji6qj1db3u]

Apple, google even coinbase lol

[@user-mn9yy1zw2t]

It's not the narrative. They like you to forget so you don't compare their stupidity.

[@TrutherOne-xv8nr7yj3e]

When the FED is finally audited after the next Presidential election this entire IRS mess will end.

[@timeforagorism9201]

That influencer was trying to say that trading from crypto to crypto you are still in a 'position', and the IRS cannot tax unrealized gains. He is dead wrong but refuses to admit it because his CPA told him this. The closest thing we can think is they are trying to use the 'like kind' rule. The IRS has explicitly said like kind does not apply to crypto after 2017. His misinformation is going to get people REKT

[@davidpo5517]

This right here. I looked it up myself last year, trading BTC for ETH is considered realizing gains. It shouldn't be, but that's the government for you.

[@o4pureh2o]

Capital gains tax is mostly a tax on those who choose not to hold their depreciating fiat currency.

[@begaqincer]

no one running an audit when i'm losing my shirt

[@Blue-Hawk-Legend]

Yea but also the IRS said themselevs their having trouble finding tax experts who want to work for them because most of them own crypto and you cant own crypro and work for them. So they are still lacking with all the non compliant citizens in it. Its illegal anyway because there are no crypto laws

[@user-mf5qg9gn4o]

Every one should not pay taxes is bs they don't fix shit but launder money and give it to defend contracts for war crime .who you think is paying for immigrants plane tickets free 5 star hotels and free debit cards with free money in it

[@shakyleg5929]

In light of that, who the hell are they going to get who is a crypto expert that is not into crypto? Anybody that understands crypto is invested in it

[@user-hn9fr7mn3x]

I’m still trying to figure out how the government is entitled to any gains made from cryptocurrency??? What has the government done to build, enhance, further, support, or encourage cryptocurrency? Quite the opposite. There should be a direct link from taxes to the item that’s being taxed and the benefit that those taxes provide. For example, taxes on gasoline, go directly to building new roads and maintaining old ones.

[@h0tr0d0224]

Well said.

[@MrDamon888]

Because they have guns and jails 🫤

[@Lord_Vaas_710]

technically the IRS has a right to capitol gains only. mining/staking revenue in particular they have 0 right to tax. 0 definitions, regulations, investor "protection" is taxation without representation which is obviously illegal and is why the IRS always settle crypto tax disputes out of court

[@GolfdrillsNet2015]

Bro they're not entitled anything from you period. All taxation is theft and under duress. IE....you are a slave!

[@alx4571]

Or protect with any kind of guidance, they never provided

[@TylerFitz422]

Thank you very much Rob for having David and Jordan come on your channel to talk about crypto taxes and answering important crypto tax questions. I greatly appreciated it.

[@jceli76]

We all needed this! Thank you! ❤

[@cryptoroofer]

how can someone pay tax on something that doesn’t exist? what US code would be referred to for cryptocurrency? that’s right it doesn’t exist.

[@tonyinfinity]

You don't pay tax on something that doesn't exist, you pay tax when you make money on something that doesn't exist and then sell that "thing" for profit of actually currency.

[@Livvertical]

Read Dave Champion: income tax shattering the myths. There is no straight and narrow with the IRS unless you know who the tax was imposed on. Learn the treasury decisions.

[@unclericky6164]

Great stuff. Well done. Keep up the great work Rob. I truly enjoy the content you provide. Have a great night.

[@thetruth0888]

They need to focus on HUNTER BIDEN

[@sunchips5]

They, whomever they are, need to get a life and stop wasting time with him and focus on more important issues ... LOL.

[@thetruth0888]

@sunchips5 Him whoever he thinks he is??? Wasting his time. Trying to tell someone else what to care about...... All while taking time to comment on what doesn't concern him??? Hmmmmmm. Bye now loser.

[@jordanutt5946]

Necessary tax items to address; great show! 👏

[@nateblack972]

Great guests and tons of excellent info! 💰

[@JBLIZAZE]

❤👍👊 Thank you!!!

[@sbfhawk4343]

Government is like a freaking step child man always asking with his hand out asking for a handout.

[@MoorenaEl]

EXACTLY. they have done nothing for the people but want to steal every dime from you.

[@zenedoutchimp]

Great stuff, appreciate it. When UK HMRC intergration . .

[@spectralhorizon8618]

I know of a certain ‘securities sold not yet purchased’ section in some docs which begs a look from the IRS

[@stevemiller8952]

Rob today is the 7th. I just want to say THANKS for this video. Been in crypto since 2021. Bought BTC at $60,000 and lost 50% of my Voyager holdings. I just told my wife this video was probably one of the most important crypto video I’ve seen in 3 years. I’ve been watching your videos for a few years now. Thanks again Rob. I hope you get them back on for another video

[@Knochenkotzer01]

Awesome Content 👍👍👍

[@Bloodsville]

Info about taxes is all I need for the near future

[@dshow1658]

Thank you! Right

[@danv965]

Very good video to understand the software and what’s going on. Thank you guys.

[@vikgarcia8105]

Is trading crypto for crypto , means converting one to another? Like eth to btc?

[@389293912]

Two years ago I sent in a 100+ page ledger of trivial crypto 2 crypto ransactions, printed. Does the IRS really want to spend time inspecting such stuff for what, in my case, was losses!

[@kingmaintenancejanitorials7627]

Where can I contact these CPAs

[@jorgegomez-vazquez653]

Can you touch on taxes for mining

[@hugecocknballs]

It's time for the Crypto Freedom Amendment to the Constitution of the United States of America ! "Cryptographic products and services shall not be denied, abridged, regulated, or taxed under the law."

[@vanillathehexican4142]

youll have to overcome 42 usc 1981 42 USC 1981: (a)Statement of equal rights All persons within the jurisdiction of the United States shall.....be subject to like punishment, pains, penalties, taxes, licenses, and exactions of every kind!

[@ChaseMavrick]

Can you make a video showing how to avoid it completely or trade it in for cash

[@CaseyCoombe-er9dh]

They spend and spend and go over budget when they do they print the deficit why do they need to gouge wages and steal hard earned mo ey that they so freely print

[@charlesjantzen3185]

Can you move wallet addresses into a trust

[@GolfdrillsNet2015]

If you don't ever want to go through an audit. STOP FILING! It's the filing and the signature that creates your legal trouble.....

[@Caulmare]

Agreed

[@nickrichards8516]

Hahah this is great, u testing this theory

[@GolfdrillsNet2015]

@@nickrichards8516 a moral man cannot fund satan and keep his soul.

[@NatureLovingIntellectual]

Already did. I'm tax exempt for a reason...

[@ManiacalManiac]

​@@nickrichards8516lots of people do and it's just people like you that are too chicken $hit to push back

[@juanvelez7070]

Tax is due , depending on which currency one cashes out to. Prior to cashing out no tax is due.

[@juanvelez7070]

If money can be printed out of thin air, then why is their a need to pay taxes at all?

[@connorthompson1789]

What happens if you move crypto to another exchange and the cost basis changed? Do I have to show buy orders on taxes from these exchanges? What happens if it switches exchanges again and “disappears”. What’s actually making people comply with the IRS?

[@douglasscovil3447]

you have to be able to show the IRS what you bought, when you bought it and how much you paid for it.

[@juanvelez7070]

Crypto is not Cesar's. IRS governs $$ and have no authority when it come to crypto. Is is not theirs to tax.

[@user-ol7tl1vf5m]

What about gift cards? If I use my gift card to purchase something, is that not the same tax law?

[@vanillathehexican4142]

42 USC 1981: (a)Statement of equal rights All persons within the jurisdiction of the United States shall.....be subject to like punishment, pains, penalties, taxes, licenses, and exactions of every kind! If you know you know....

[@MrDamon888]

Confused on how can you possibly figure out profit if you been DCA? I bought some on a Coin base, cold storage. Opened different broker, moved to cold storage. Multiple wallets. Never sold anything. When I do sell, how profit will be calculated?

[@DigitalAssetNews]

I just put it into CoinLedger and it immediately tells me based on the time and date of the purchase what the price was and then calculates the gain or loss when I sell.

[@zach6915]

@@DigitalAssetNewshe does coin ledger know which wallets belong to you? Between CEX and DEX I probably have over 100 wallets I’ve bounced between, including staking pools and LP farms. Do I need to find all of these addresses myself or will coin ledger do it for me?

[@livinglife1089]

Coinbase calculates average cost, if your exchange doesn’t you should be keeping track of dates and prices on days you buy

[@shughy1]

You can set up a company in Barbados and not live there, and pay zero tax on crypto sales... Look that one up

[@dshow1658]

Be careful.

[@shughy1]

@@dshow1658 it's perfectly legal, just being smart about tax... Nothing illegal about it

[@synewparadigm]

How is it possible?

[@vanillathehexican4142]

@@shughy1 if youre still using US slave citizenship status instead of resigning as their agent and becoming private state citizen or renouncing, 42 USC 1981 still applies 42 USC 1981: (a)Statement of equal rights All persons within the jurisdiction of the United States shall.....be subject to like punishment, pains, penalties, taxes, licenses, and exactions of every kind!

[@shughy1]

@@vanillathehexican4142 I'm not from US

[@Mor4me]

Ignorance is no defense, but what if it’s the truth. “It’s on my phone. It’s not business. Why worry about taxes “

[@guytwo20]

Invest with a self directed IRA crypto. Roth or traditional. Less tax worry.

[@MoorenaEl]

...WHILE THESE LEGALIZED CRIMINALS, ARE ALLOWED TO VICTIMIZE EACH AND EVERY PERSON IN THE UNITED STATES BE IT IN IRS, CORPORATIONS, ETC.

[@benchandler5567]

Was hoping this talk would have some more fundamental crypto tax insights for beginners. Jumping straight into viewer questions wasn’t a helpful starting point. Most went over the head

[@tonyinfinity]

So how does the IRS know what you paid for bitcoin, if lets say you accumulated a full bitcoin over 4 years in small amounts, in maybe 50 transactions and you have no idea what you paid for it each time? Then you hold it for 5 years and sell it all. How the hell do you know how much gains you made, and better yet how would the IRS know?

[@dstosic1]

if you DCA throughout the year and sell some of the crypto 13 months later, how do you determine if your sale was long term holding or short term?

[@Artillery-Vet]

The IRS just takes ur word for it. No way 2 really know this except U

[@subliminal.criminal]

what happens if someone sells @ 60000 and 10 minutes later buys back in at 60010? The 60010 is a new tranche/lot correct?

[@neilmeschino4070]

You pay taxes on gains from that sale based on cost basis Then you've established a new cost basis with your new purchase that triggers the next time you sell

[@alancomfortable]

makes no sense to me at all

[@user-cv1zf9vf9v]

Stay off centralized exchanges be full defi and have cash buyers 💯💯💯

[@walsh7474]

I think we are confused. Trading shit for shit isn't a gain. Because it isnt a currency. Only fiat and xrp is currency.

[@KoiPondPeppy]

What is the website for Bass Law? Can't find it in the description.

[@DigitalAssetNews]

Go to CoinLedger website (link in description) and scroll down to FIND A CRYPTO TAX EXPERT and click on that. He’s the 2nd or 3rd person there.

[@KoiPondPeppy]

Found him thank you. $250 for a consult. Unfortunately, I am not wealthy and only need help adjusting my koinly transactions for the celsius bankruptcy.@@DigitalAssetNews

[@Naylien813]

How can you tax something that isn’t regulated?

[@rharrington828]

Give them all your money and the crooks will charge you for that

[@alx4571]

What is the cost basis for BTC purchased at $1000. Transferred to Celsius at $40k for collateral of loan of $10k. Minimal BTC regained say .02 BTC.

[@JT-op2vr]

Exactly this. Also I had to pay tax in the rewards that Celsius credited to my account but never gave me because they stole it. How the hell do we account for any of this?

[@aaronsandoval6164]

Yes same here I received a 2022 1099 in July 2023 which my CPA included on my tax return filed later in 2023. Celsius locked everything down july 2023 so I paid tax on what?

[@mnice59]

I dont get how Jordan kept saying that they have been doing this for 10 years when the fed never said it would be taxable until 2017. And in 2017 even the fed couldnt even decide what would be a taxable event. Let alone tell you how to do it. I and I'm sure many others stopped all trading not knowing if youd be liable for massive gains that turned to massive losses the next year. There by not having the actual funds left to pay the taxes because you always file them the next year and that was a massive loss.

[@djquick]

Two points: 1) The IRS issued guidance on taxability of crypto in 2014. 2) you kept saying the ’fed’. The ‘fed’ is a colloquialism for Federal Reserve. The federal reserve has no jurisdiction or authority over taxation. I believe you mean the federal authority over taxes, the IRS.

[@mnice59]

@@djquick I appreciate your response but I call you to show such written guidance. The fed and you know I meant the federal government and I just shortened it, never determed a taxable event until around 2017. So if you've come late to the party and believe the IRS that they clearly explained anything before that let alone in 2014 you are speaking as someone that came on board AFTER they made a decision.

[@KevinSandy2]

What happens in ETF world when the bull cycle ends? Will they advise their customers who the Bitcoin cycles run? If they don’t it will hurt us.

[@TrutherOne-xv8nr7yj3e]

Of course not. ETFs are no different than a stock investment.

[@sunchips5]

BTW, if your spouse is not a U.S. citizen, there is an annual limit that the U.S. citizen spouse can gift to that spouse before having to file and use up his/her lifetime exemption or be subject to a gift tax. I believe it's somewhere between $100K and $200K per year. (If both spouses are u.s. citizens, then i believe the gifting back and forth amount allowed is unlimited.)

[@Artillery-Vet]

The highest amount to gift anyone is $17k

[@sunchips5]

​@@Artillery-VetFor non-citizen spouses, the gift limit is $185K per year for 2024. If your spouse is a U.S. citizen, there is no limit.

[@Caulmare]

How can they tax something they don't own ? Unless you are giving it to them to tax to begin with ?

[@douglasscovil3447]

the IRS considers crypto currencies to be an asset like stocks or bonds, etc.

[@patrickanderson4680]

Id ask guys like Michael saylor.?:)

[@johny_bravo9970]

Maybe houses should be on the market for Btc instead of 💰 😂

[@spacePickle00]

Watching this after the recording. Anyone know how taxes would work if I had one of my wallets hacked? Lost around 5 ETH

[@timeforagorism9201]

In the US stolen crypto cannot be claimed as a loss against gains

[@that_pandashark_dude5657]

Molon labe

[@dshow1658]

Do u have to claim losses?

[@livinglife1089]

If you’re claiming gains you should claim losses. Losses are on good benefit just like on stocks

[@IGNRyan600]

If it’s on an open ledger, the IRS should tell us what tax we owe. You want my money, figure it out for me, I will pay for that service.

[@patrickanderson4680]

If you dont cash out you dont owe taxes. So the question is.....where can you move it so you can earn income on it and not pay taxes on the income?

[@user-ji6qj1db3u]

I heard dubai

[@douglasscovil3447]

american citizens have to pay income tax, regardless of where in the world they made their capital gains.

[@chipmidges3122]

make all your money in crypto, never cash out. Once you hit your retirement number, leave the country, give up your citizenship and never worry about the US government again.

[@patrickanderson4680]

@@chipmidges3122 El Salvador baby:)))))

[@synewparadigm]

Is there any taxes if a property is bought with bitcoin?

[@DigitalAssetNews]

Yes. Capital gains

[@synewparadigm]

@@DigitalAssetNews Thank you!

[@synewparadigm]

@@DigitalAssetNews It's crazy that a transaction in Bitcoin without any $ involved will be still considered as a financial transaction. Is it still the same if the transaction with Bitcoin was done overseas by a US citizen?

[@ManiacalManiac]

Cant tax you on something that doesnt exist on the books. There are no laws on crypto.🤷

[@Artillery-Vet]

Said every guy that got caught, now sitting in Jail 🤷‍♂️

[@KevinSandy2]

In iTrust we are cool until we take distributions. Right?

[@DigitalAssetNews]

Yes.

[@DesertDog8989]

unless a Roth IRA, then distributions are tax free 🎉

[@hectorfigueroa8961]

If you don't sell only holding we need report ??

[@UriTheImpaler]

No. Buying/holding does NOT incure a taxable event. Only selling/trading a coin for another

[@CL-gv2fx]

The other commenter is correct. But if you got airdrops, interest or staking, it's still reportable income

[@ralan8636]

aahhh Rob, CoinLedger peeps.........hello? AM A's but NO customer support.

[@DigitalAssetNews]

They always answer me within 24 hours.

[@ralan8636]

​@@DigitalAssetNews Also, a lot of duplicate transactions. So, if I have to go over every transaction one by one, what's the point. I'm a bit nervous about all this. FYI: Taxbit worked flawlessly for me.

[@alx4571]

Not to mention unrealized future crypto gains for BTC that we can never afford to buy again. If BTC goes to $1M or more HODLers will never get to see those gains. How is that not a financial loss?

[@AH-lz7qg]

if you flip a quarter for a trillion dollars and you lose the toss, you did not just lose a trillion dollars. you cant lose what you never had.

[@alx4571]

@@AH-lz7qg You fail to realize we did have it. BTC is not a scratch it ticket.

[@alx4571]

@@AH-lz7qg BTC is not a scratch off ticket. I owned and lent the crypto for interest. We were told they were better than a bank for crypto. Creditors did nothing wrong. Celsius lied and committed fraud. Yet creditors are paying the price.

[@ralan8636]

Not hate on CL: but, seriously, how can I do taxes with bad data. Anyone?

[@HiKnowledgeseeker]

I'm building ai tax agent specifically for these issues

[@fabletty10]

There is no US code a.k.a. no law IRS does not make law. Therefore, its job is to use it only as guidelines.. everything else is interfering with color of law if you take them to court and ask them to provide the law US code they cannot, and it will be dismissed.

[@Techinvestor87]

So what if I am a veteran and the only oncome I have coming in is for disability benefits and I put that money into crypto?

[@DigitalAssetNews]

Leronn, thank you for your service to this country. Crypto is extremely volatile and risky. It’s best to have AT LEAST a 4 year horizon as an investor. If you put your disability paycheck into crypto and it goes up and then you sell the crypto for cash, you will be taxed on short term gains (if you held the crypto less than a year) or long term capital gains (if you held a year or longer). Keep in mind there is a threshold amount of what you’ll be taxed on though.

[@Techinvestor87]

@DigitalAssetNews thank you for the response appreciate it. I have taking any thing out yet. I have sold positions and out money in other positions so far with out ever taking the money out of my portfolio.

[@rich25511]

Don't file its that simple

[@LuckySky777]

WITH THE MOST RESPECT AS POSSIBLE... THE LEDGER PORTFOLIO GRAPH SUCKS!!! FIX THAT ASAP!

[@MoorenaEl]

until the government holds themselves accountable for victimizing each and every citizen and resident in this country, I REFUSE TO CALL ANYTHING TAX FRAUD. you have to prove to me that IRS is even legal in the first place.

[@J00se_1]

Theres NO CRYPTO LAW in the UNITED STATES CODE... dont file....

[@NatureLovingIntellectual]

😂 No worries! Just be tax exempt. Problem solved!

[@destinationmoon.]

Taxes seems like a full time job in it's self 😅.

[@DigitalAssetNews]

Pretty much. Thats why I use coin ledger.

[@destinationmoon.]

@@DigitalAssetNews when purchasing a ledger how do U know it safe to use and not been tampered with.. where would you suggest the best place to bye 1 from. And are they idiot proof 🤪

[@DigitalAssetNews]

@@destinationmoon. They’re not my primary choice but to make sure they’re not tampered with, generate a new private key/passphrase when you get it. Video is on my free website.

[@juanvelez7070]

Really. If Joe and Hunter get a pass. I do not want to hear shit from IRS.

[@dshow1658]

R u going to talk about taxes? Just saying you should pay taxes we no that

[@chipmidges3122]

bad money chases out good money. Take your BTC and buy in another country.

[@draterlarebil4506]

Those 2 guys (tax specialists) are traitors

[@DR......]

I'll skip this one, I'm not from the USA

[@DigitalAssetNews]

Most everyone has to pay taxes. Just sayin.

[@MischaVladimir]

⁠not really

[@DR......]

@lAssetNewsTrue. We do too, but just for owning (when total assets are over €57K), not for selling, etc.

[@joshvduh]

What if you buy in the US and send it to family in another country and it’s not spent? How does that work?

[@NatureLovingIntellectual]

​@@DigitalAssetNewsSure, but not those that are tax exempt like me. Just sayin' 😎

[@nudojhan]

Matthew 22:15-22. Here the Pharisees and Herodians want to entrap Jesus with the question, “Is it lawful to pay taxes to the emperor, or not?” Jesus knows the malice in their hearts and responds with a cutting question, “Why are you putting me to the test, you hypocrites? Show me the coin used for the tax.” When they hand him a denarius, he asks, “Whose head is this, and whose title?” They respond, “The emperor's.” Jesus ends the conversation with the words, “Give therefore to the emperor the things that are the emperor’s, and to Satoshi the things that are Satoshi’s.”

[@i8t4c]

No need to go through the government system. wallet to wallet. Or exchange it for something you want = TAX 0. Anyway The Bitcoin system was born to replace the banking system. Let us just forget the old system. The bank only uses it to receive income. General monthly expenses😂

[@FrancinaB13]

...what do u mean exchange it for something you want? And do u mean wallets like exodus, metamask, etc? Is there a book, or an expert that explains the process better...?? And bravo on forgetting this old system 👏 👏🔥🔥 I'm telling u smhh. Of we still have to deal with the governments nonsense, then it's defeating the purpose smhh!!

[@Caulmare]

Sooooo you guys make money from people paying taxes ? So your saying pay them so you get paid😂

[@thomasmurphy8809]

Everything you do is recorded on the blockchain ... duhhhhh...

[@jalonemontoya4440]

Facts!!!