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What about if somebody sent you US detail the value of that doesn't increase or decrease barely nothing it stays in same level Because I have a friend in Africa and he tried to send me money might need your help and I need some so I have some questions I can ask you

How can I reach you to solve my problem

From Coinbase I got 1099k reported me which is around 600K

If i gift crypto to 2 diferent people each 10000 , so a total of 20000 combined, should i file the 709 form? Please advise. Thanks in advance

Can my wife send me money to my own bank account as a gift, and I use this money in my crypto trading?

‼️Hey, quick question im new to crypto and if someone send me crypto as a gift and i want to put it in my bank account as real cash do or even use it on PayPal or cash app to put money on those apps to be able to buy things in stores or online like Amazon or Walmart website do i have to pay taxes or am i okay im 20 yrs old and don't know anything about this stuff im just trying to stay out of trouble or doing something illegal ‼️

do i need to file taxes even though i did not make a profit?

How does the gifter determine the cost basis when gifting only a fraction of their bitcoin holdings that were purchased on multiple dates? FIFO? Is HIFO an option?

Taxes are voluntary theft.

Please help me this is just happened to me this month.

Correction! 10% of $11,600 is $1,160 not $1,600.

this just happened to me! i need help lol!!!

If you didn't make $600 in 1099-MISC. As a matter of fact, Coinbase only shows a single number for, say, rewards. A) Do we need to file 1099-MISC, and B) Which box does this number go into? Box 3: Other Income?

Great info and right to the point! thanks!

Hi Andrew, I was searching for a very long time for a video/help on how the Crypto Gift taxes work, but by far none have come close to what you have summarized in around 3 min. Thanks for the beautiful work and keep up the good work. Now, to my questions [Related to US] 1. In order to gift Cryptos, do I need to send crypto to my spouse's Wallet, or do I need to send a gift card? 2. Spouses can gift Cryptos Up to $16,000 per year to each other and dont have to report it. Allowed 16K per year per individual? If it's more than 16K that year, you'll need to fill out IRS Form 709. Provided you haven't exceeded the lifetime gift tax exemption of $11.7m (2021) or $12.06m (2022), you won't need to pay tax on gifting crypto. 3. The recipient of the gift may be subject to Capital Gains tax: e.g. If I [Sender] send 1ETH [$1,170] to my spouse, well under my 16K limit, and if she sells 1 ETH within 2 months for say $1,300, then she pays short-term capital gains tax on $1,200-$1,170 = $130 Is my understanding correct? 4. How are Stable Coins treated? Is it the same way as Cryptocurrencies? 5. Is it allowed that my spouse can take the crypto gift and convert it to a Cytpto Visa Debit Card and spend it? 6. Lastly, is there any template you have for record-keeping - Gift letter?

people may rip on Robinhood crypto but at least they send 1099 B for crypto sells

Hi, Very informative video, thanks for it. I would like to understand one scenario. Actually I from India and one of my relative stays in in US and i would like to give around 200 dollars worth of crypto to him. Could you please let me know how much tax he has to pay?

Is it a taxable event when you transfer crypto currencies between your own wallet? Thank you

I only have 5$ in miscellaneous income from rewards would I need to pay taxes on that ?? And iv'e only put it 20$ in crypto and haven"t sold anything

Thanks. When you say "accurate record keeping", I assume the information in the exchange (by exporting the CSV file) is sufficient? It seems to contain the pertinent information...

What if I didn't sell, but I have miscellaneous earnings?

how do i report it if i didn't get it?

How do I generate a 8949 tax form?

what if the person or organization you give crypto to is a ministry or church?

What if it's foreign?

They sent me a form saying g they paid me 210k and they wont correct it th-cam.com/video/AmK2Mw5fkns/w-d-xo.html

th-cam.com/video/AmK2Mw5fkns/w-d-xo.html

Hi. What if a person who doesn't live in USA (non-resident) sends me frequently ( twice per month) an amount of Crypto (let's say a total of 4k a month). Do I have to report and pay that? (I am a US resident. )

What statute specific to crypto is the IRS enforcing?

There is no crypto law that is enforceable by the IRS, hell the SEC is still in litigation with Ripple for Clarity over whether Crypto is a currency or a security, that being said the IRS cannot arbitrarily decide it is either or outside of or Congress, the IRS is not a legislative body and has zero authority to enforce a law that does not exist

How does CB give you a form. I haven't received anything!

Do I have to pay taxes even thou I haven cashed out a dime but did some conversion here and there sold some to buy other but haven’t cashed out?

Do I have to pay taxes even thou I haven cashed out a dime but did some conversion here and there sold some to buy other but haven’t cashed out?

Can anyone help me? My Coinbase account was hacked and deemed unrecoverable. I went after the phone company that allowed the SIM swap to occur. I was able to recover my money, but now I don't know of how I should report crypto taxes. Can anyone point me in the right direction?

had that happen with stocks said i owed 550k irs just goes by gains not including losses

What if I bought crypto at $3000 on coinbase and didn't sell any but I transferred my coinbase btc increased in value to $9000 to binance exchange? I never sold but just transferred. Do I report this on tax report as a profit?

wow i see how that teen who committed suicide thought they owed taxes on nearly $1 Million that he didn't have. If only he saw your video

Just watched your video. Thank you clarifying things up.

Taxation is theft

Any updates on FinCEN proposed rules?

Crypto exchanges are required to produce a 1099 form if the the gross payments threshold exceeds $20,000. My question is: what is a considered a gross payment? If I buy $10,000 in BTC and then a few days later I sell that BTC for $10,001 have I exceeded the gross payment threshold of $20,000? or does only the sale of the asset count as gross payment?

You have the best crypto tax videos anywhere on TH-cam man

Greetings . What if i get 5 dollars of bitcoin for signing up in Coinbase but I leave the coin on the exchange and don’t cash it out . Would I haha to report that to the irs

Mark of the Bea$t if you ask me. Invest in this so that year’s later we can gather up capital gains tax after you lost everything on its sudden down fall, which is inevitably on its way.

But only transactions over $600 right?

Haahahaha listen to this guy 😂 he works for government…. If you don’t get 1099 it means they don’t have your records 😎 but they could find it if they try to…. Why do you think some crypto exchanges don’t send 1099 form ? They are not from this country and us can’t do Shit.

Hello. I invested 5000 dollars then my money went up to 38,000 dollars. Now, the company told me that i should pay the 20% tax, then i paid it. The second time, the tripartite company is requiring 5% handling fee. Then i paid it.. The amount wasn't a joke, i borrowed it from my friends. Now the last is that they found that I am using a Thai account and so there's a need fro exchange rate fee required by the international bank. It's 8%. Is this really true? Well, the first time I've used it with small amount was good and the 2nd time as well. The money was returned to my bank account.. How is that now? Exchange rate fee/ withdrawal fee??

I know this video is over a year old, but how the HELL does someone get taxed over 40% if they where to actually make 1 million dollars from crypto? In the video you said the guy owed over 400k off of 1 million the irs thought he profited, which would mean he got taxed over 40%. So if I make a million on bitcoin, if i was a lucky and had money to invest, i would get taxed over 40%? This is unreal and highly unfair. If I am hearing this accurately. Where there any fees involved or is that how much millionaires get taxed normally?