Crypto Taxes Explained For Beginners : 2021

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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Welcome back to our series: this episode we are talking about the TOP 7 questions I have either received, or found asked online.
If you are like many others who have dipped a toe into investing in cryptocurrency, as a means of building wealth, this video will have everything you need to know to keep you tax compliant, but also tips on reducing your tax bill while investing.
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[@Roshambo3]

Love how you explain with your hands. Feels like you're reaching directly into my brain to neatly organize the concepts for better understanding.

[@karltondennis]

Love this comment! THANKS!

[@laviki5190]

Wow! This was AMAZING! The first channel that explains things so that I actually understand! Thanks KD!🙌🏽🙌🏽🙌🏽

[@user-jj6iv1rt5t]

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[@back2thebasicz]

You read my mind with this video. Fire as always! Keep the content rolling!

[@jessejauregui7667]

This one helped out big time. Thanks, keep up the hard work we really appreciate it.

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[@melsont]

Great content Karlton! Solid and and on point!!! 💯 💪🏾

[@KrazyKrzysz]

This is great content! Thanks for sharing you knowledge!

[@luisrosado231]

Once again Karlton you over deliver with another Gem. I was definitely enlightened by this crucial crypto tax content, cleared up a lot of questions that weren’t even on my radar. As always I left you a big 👍🏼 and thank you again for sharing your crypto tax knowledge and game with us, the mere tax mortals.

[@luisrosado231]

@karlton Dennís you scammers are too funny 😂

[@nicholascurry2790]

Great video keep this going 💯🔥

[@robertmorris9349]

Thank you for your knowledge. I shared this video in hope that some of my friends and family will see it and understand the Tax implications when they sell out instead of hold.

[@user-vq8ms9tg9p]

Stock is the oldest online market we have, we employed it because of the highest quality of services it renders and how successful it is. Today we say cryptocurrency too, all I'm saying is that people should also invest in crypto. It would be helpful.

[@user-wo1gp4dt1s]

@Ryan Angel Cryptocurrency is the future, investing now will be the wisest thing to do especially with its current dip.

[@user-bh1mf4nw7q]

@@user-wo1gp4dt1s Every pound is a seedling, Invest your seedling to create a tree, re-invest your seedlings to create a forest. To become rich > You must value savings more than spending

[@jamietree833]

The only way to save up money is to invest. An intelligent invéstor sees in dip than risk Behind every success there is always a risk to take those risk isn't a bad idea to make it in life.

[@user-wo1gp4dt1s]

@@jamietree833 Most people remain poor only because of the negative advices received from friend and family members against investing while the wise invest and grow.

[@mimi-xm3oh]

@jmhsñi4 In order not to make losses Tra ding Bitcoin or trâ ding in the forex market using the assistance of a bro kër would be highly recommend.

[@sculptedbodiestrainingspa9086]

Man this is reallll gooood ! simple and easy to follow along thank you for sharing this!

[@richwithlife]

Thanks brotha! That borrow against info is golden 👀🤘🏾💸

[@SC-gh6gd]

Awesome video. Thanks for the info 👍

[@chrisperkins3026]

Yer good. Glad I found your channel. Thanks Karlton.

[@00Roobs]

Great content!

[@p3p984]

New subscriber and fan. 👍

[@anthonyandrews7858]

THANK YOU FOR BEING THE REAL MVP KARLTON!

[@user-wt7kg6ob6q]

Thanks you for you feedback- for more information on crypto earning make a note to my expect Kevin for profitable investment service

[@user-wt7kg6ob6q]

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[@jabalyshome]

Your channel is awesome

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[@hairtrigger903]

I like to know more about the real estate professional. This is a first for me

[@karltondennis]

I AM CREATING A WHOLE VIDEO ON THIS! CHECK BACK SOON!

[@greggdavis7824]

great video, please do a video on best corporation for traders to trade from. Thx GD

[@robertbauer9230]

Excellent video as always. You should delve into taxes behind selling product for crypto. How the hell does sales tax go into that? For example in e-commerce? Or does it count as a barter?

[@Jahguaar]

I am committed to self-development & thriving.

[@kenneththomas8299]

Are you familiar with the flare network airdrop? If so what do you think about the tax liability on the distribution? Also would realized impermanent loss be a eligible for a deductible as losses?

[@logantaylor702]

Hi karlton so informed damn can you do a video like this for forex because I’m new to the game but nothing is free so I would love to know how to pay my taxes and how to reduce the tax price tag as well??

[@kodymiller1602]

Taxes confuse the hell out of me, but your explanations are easy to understand

[@oscarbchacon]

Love it.

[@user-wt7kg6ob6q]

D•M O•n W•h•a•t•s•A•p•p {+1,,5,8,,7,,2,0,0,,7,,0,,8,,,3} Tell thomas I referred you..

[@user-wt7kg6ob6q]

Thanks you for you feedback- for more information on crypto earning make a note to my expect Kevin for profitable investment service

[@Kick_Rocks]

Great channel! Subscribed! Taxation is theft.

[@caroltrimble2738]

Thank you so much. Very informative

[@e7ty954]

Thank you for the video. One question. Does staking crypto such as Cardano ADA mean we have to pay taxes only once we cash in our interest gained since the payout is in additional ADA?

[@user-jj6iv1rt5t]

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[@Chinews773]

Sorry for the all question I'm new and my friends told me to watch u or ask u and u would come across it in a video. So I'm subbed with all notifications on. Please help on my few questions thanks

[@betserv.1187]

Hi, I love your videos. Can the member contribute crypto fund to the single member LLC to avoid paying personal capital gain tax? Once the crypto is under the LLC, it can be cashed out as the LLC without needing to pay tax, right?

[@berean007]

When we take out our gains, are we taxed on the amount that we have just withdrawn or the amount of the total gains? If I have a coin that just 10xd and I now have $100,000 sitting in that account, but I only take out $30,000 to reinvest. Am I taxed on the $100, 000 total or the $30,000 that I'm reinvesting?

[@gorgoroth9876]

If I'm exchanging while at a loss?

[@Chinews773]

What if u only have 3 trades 2 for losses and 1 for gains, do I still file taxes if I'm down more than I gained or other way around?

[@richardbartlett88]

Wait? I've heard from other CPA about transferring your profits from crypto to opportunity zones for tax purposes

[@jeremyphat]

Woah loan against Bitcoin? Love it. Thank you so much

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[@lilith0mps0nl.t17]

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[@varunmahajan8727]

sir with due respect I presume you somehow forgotten about mentioning Qualified opportunity fund where we can invest capital gain amout for 10 years in order to defer our capital gain tax

[@josiahnikkel3609]

This is all the same for forex?

[@Chinews773]

Also one more question say u bought 10k in Bitcoin 11 months ago and on the 11 month u add 5 k more, and on the 12 month year u sell everything, do u get screwed on the orgianally 10k that been sitting in there for 1 year or just the 5k u added and sold

[@nicolasutherland-marrow6128]

What is the difference between a S-corp and a C-corp? I've had an S-corp for 10 yrs. It's not dormant in tne sence I've paid taxes, but it's not functional in the sence that it was never set up all the way initially. No set up costs, no operational costs and I just reopened a bank account last year. How do I go about truly using it when from your descriptions it seems I really need to be an LLC at this point because I'm really just getting started?

[@Chinews773]

Last question anyone please help, what if I have a stock and I'm down 10k and I know it's not going up, and I just sell and take the loss, can I get money back on taxes. Please help just subbed to you

[@markblack1513]

A new trend, take the crypto that you have gains in, get a crypto loan against it and then cash out the stable coin from that loan. Would this trigger gains or would it not since the original crypto is still not realized as it sits not liquidated but only used as collateral? If the collateral crypto is liquidated by a drop in price or non payment, would then the loaned amount become gains?

[@impala6464]

Google the Buy, Borrow, Die strategy.

[@agoetz21]

Can a business own crypto and run llc with s-corp?

[@user-ks6qq3le3e]

°°Thanks for watching°°° °°°endeavour to write a review for guide°°°°+1 ( 7 3 2 ) 9 5 5 - 7 1 8 7•••

[@alejinoo8920]

Karlton my guy!! I got a question that wasn’t covered If for example I bought 10k xrp in 2019 ( long term ) And bought 10k more in 2020 still ( long term ) And bought 10k more xrp in 2021 ( short term ) And if I sell 10k today, will I be taxed LONG TERM OR SHORT TERM. How is my 10k decided if I sold the 2019/2020 10k XRP OR 2021 10k? Thanks a million champ🙏🏻

[@alejinoo8920]

@karlton Dennís 😂 good one buddy karma will catch up to your scammy ash 😉

[@erikakennedy2060]

How do you answer all of my questions but leave me wondering more?

[@TiarraTax]

Thanks♟️A "wealth" of information

[@jabalyshome]

Is stock trading an llc or s corp?

[@user-jj6iv1rt5t]

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[@hcf00000001]

Do you have to pay short term capital gains tax quarterly how does this work?

[@karltondennis]

Short term capital gains are paid by April 15th (tax deadline) You will receive a 1099-b in the mail in the months of Jan.-Mar. that reports your gains.

[@hcf00000001]

@@karltondennis Thank you very much! I was stressing about getting penalized for not paying them quarterly

[@user-jj6iv1rt5t]

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[@sheldonsheldon7028]

Brah,, U D man.. .

[@kenyattaharrell7478]

🔥🔥🔥💎

[@user-wt7kg6ob6q]

Thanks you for you feedback- for more information on crypto earning make a note to my expect Kevin for profitable investment service

[@knoxjr4977]

Excellent content! Question: How do you set up obtaining a loan against your crypto? Can any provider set you up with a Roth Self Directed Solo 401K? I'd Like to use your professional services. Thx!!

[@James-yl4vr]

Harpo who dis man 😂

[@user-wt7kg6ob6q]

D•M O•n W•h•a•t•s•A•p•p {+1,,5,8,,7,,2,0,0,,7,,0,,8,,,3} Tell thomas I referred you..

[@Chinews773]

Hey good video I'm sorta new to crypto and made huge mistake( hopefully u or anyone in the comments can help me, I'm up money on my stocks, but I got into dodgecoin and I freaked out and sold wen it got down to 18 cents and didn't buy into it when it was like 32 cents so I lost like 4k, so do I report that loss on my taxes? Man I jumped into stocks crypto like a idiot(without knowing to much. Someone please help thanks!

[@icecold8974]

Taxes are really depressing.

[@Ridingthewaves305]

Government has thought of everything so smart hard working people can’t keep the money they made for themselves

[@rufus5208]

Why is crypto classified as an asset and not a currency?

[@lilith0mps0nl.t17]

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[@lilith0mps0nl.t17]

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[@vinniej.]

Wow! I can't express how I'm feelin about this Yt account. This is a gold mine for me. Thank you for all the valuable information, Karlton. How will I be taxed if I hire an online mining service to mine bitcoins for me and receive those bitcoins in my own wallet every couple of months while allowing my BTCS to grow every month in the long run? Thanks again.

[@antearesgamer]

paying taxes on crypto exchange shows immediately the reasoning behind crypto was a lie.

[@juzefzoozoo]

Your audio hurts.

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[@lilith0mps0nl.t17]

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[@TickleMePinkGaming]

Nice I wasn't aware of the Roth 401k