Cryptocurrency Tax Talk - I Was Audited?!

TokenTax CPA: tokentax.co/?via=btckyle
This video is not Tax advice, nor is it Financial Advice.
#CryptoTax #IRSAudit #Bitcoin

[@twill6675]

Hey thanks for the video this is something I've been waiting to hear something about taxes for a while. We appreciate do the other video about what the process of the audit.

[@pabloco2627]

Thank you Kyle. I missed your videos.

[@ndm8447]

Please tell us more. Please cover how much you pay for taxes? Do you pay capital gains at 20% plus the higher income tax bracket. Do you literally have to set aside 20% every single time or do you pay the difference between you earnings and losses. I’m so confused now.

[@cuetheplanesound8110]

Can someone show me where the Crypto tax "law" is? Not Guidelines. The Law. Ill wait....

[@rodt9380]

Did you ever do that video (of your audit)? I don't see it. Thanks!

[@BTCKYLE]

Not yet

[@q_glennphan3397]

did you use any tax software to do your tax (like koinly , cryptotrader tax ...) ??

[@BTCKYLE]

Bitcoin.tax at the time, I switched over to tokentax

[@Victor-kf9uk]

Very interested in hearing your experience

[@real_achimedes]

Bro please make the video about your story getting audited. Why do you think you were audited? Just unlucky or did you something egregious with your tax forms??

[@BTCKYLE]

A little late but it was triggered by excessive trading volume reported by Coinbase on my 1099.

[@KRRR820]

@@BTCKYLE- I’m getting audited now. Could you tell me what attorney you used? The guy recommended to me is $800 an hour and $25,000 retainer.

[@Matthew-ju3nk]

Thanks Kyle! I just got my $20.00 worth of BTC from Celsius. Thanks again for the hot tip about their service. It is refreshing to be able to have a decent interest-bearing account to hold some of my crypto in and it helps to soften the sting of the current fiat financial conditions a little as well... Kudos for your good content!

[@Omendrix]

This didn’t age well.

[@mikebrown41]

If you swapped eth on uniswap how would you account for that ?

[@BTCKYLE]

TokenTax is implementing a way to import these transactions. Great question.

[@kevinotero2141]

Good vid

[@MrTonycapt]

would like to hear about your audit

[@user-jq8wr8ru2s]

I’d like to hear more about it thx 🙏🏻

[@cristianosorio5184]

What about if you spend it straight from crypto? Let's say I go and pay all my expenses with my crypto debit card.

[@BTCKYLE]

When you sell BTC to USD or crypto to USD, it's a taxable event.

[@oceanaverecords]

please keep sharing your experiences from your BTC journey

[@ameador01]

I was BTC mining. I sold most BTC to cover power so I can offset the income with the operating expenses, but made a point to keep BTC and others for less than a year. Treated mined coins as inventory with initial value based on current market value when I took possession - and then used the market value as a COGS (FIFO method) when traded, sold, converted to cash etc - which would create a profit/loss per transaction. Then paid taxes on those profits/losses. Tried to keep everything for less than a year so it didn't go into long term gains method. Could then use the remaining business expenses as an offset as well - network equipment, software, electrical components, etc... I would also like to hear about your audit experience - as well as how your rental property ventures are going.

[@odin9868]

CAR VLOGS ARE BACK HECCC YEAH!!!

[@BTCKYLE]

💯🚀