Episode description
Episode description
Episode 109: Crypto During Tax Season:
What On Earth to Do with Chris Kovalik of Cointaxes
It’s a hot and confusing topic: taxes and crypto. Chris Kovalik, CEO of Cointaxes, is here to answer every question you’ve ever had (and some you didn’t have) about the laws surrounding crypto taxation in the U.S.
Chris and his team saw a dire need to establish confidence in cryptocurrency through consumer education and guidance. Confusion around taxes and crypto led them to create Cointaxes, an affordable software that makes tax prep super easy. Cointaxes supports all exchanges, can scan your public addresses, and calculates your full crypto tax liability - not just capital gains.
Show Highlights:
- Are cryptocurrencies taxed? How does the IRS expect you to file taxes relating to your crypto holdings?
- When do you have to pay taxes on your crypto?
- Why it’s important to get off on the right foot filing taxes now.
- Calculating capital gains and capital losses.
- Determining which specific coin you’re selling when you sell. Buying at different times and different prices can get confusing. FIFO, LIFO, and HPFO make this manageable.
- How to use the tax system as best possible.
- Do you have to pay taxes on airdrop and hardfork currencies?
- Donating or gifting cryptocurrencies.
- FinCEN requirements and what to know before using foreign exchanges.
- An outline of Cointaxes features.
Links for resources mentioned in this episode:
Cointaxes Website: bit.ly/CTTcointaxes *(affiliate link)
Cointaxes Twitter: https://twitter.com/cointaxes
Coincenter Website: https://coincenter.org/
Digital Chamber Website: https://digitalchamber.org/
Note: The information contained in this episode is for general guidance only. It is not providing any legal, accounting, tax, or any other professional advice. Do not use this podcast as a substitute for consultation with a professional accounting, tax, legal, or other competent advisor. Before making any decision or taking any action, you should consult a tax, legal, or accounting professional