Crypto Taxes Explained For Beginners: th-cam.com/video/d8kGs_UNBWU/w-d-xo.html We use the KuCoin crypto exchange: www.kucoin.com/ucenter/signup?rcode=2MPr3rr&lang=en_US Join our Exclusive Stock and Crypto Content on Patreon: www.patreon.com/ClearValueInvesting
@@joekim4794 thanks I have not bought Bitcoin or etherium I was thinking about it but it’s such a hassle now since they want to get over on people so much like here in Portland we have a commissioner that looks like she uses it’s crazy times we’re living in 👍🏻
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Brian is the best thing that happened to the internet, i LOVE the no nonsense approach with NO intro NO outro silly music BS and esp the NO silly face reactions on thumbnails
This was an excellent video. This video tells me anything is that when I'm ready to come out to the light I 100% need a CPA. I almost made a huge mistake that this video saved me from.
Thank you for making beginner and intermediate videos. I feel so many youtubers only make beginner videos. So many people brag that crypto is not taxed but when I filed my taxes I saw a section to add crypto
James 4:4 Ye adulterers and adulteresses, know ye not that the friendship of the world is enmity with God? whosoever therefore will be a friend of the world is the enemy of God.
CRYPTO TAX QUESTION: If crypto is purchased while residing in say NJ then sold after moving to say FLA. Which State Capital Gains Tax is paid? Also, does it matter how long I reside in each state during the tax year? Btw, AWESOME CHANNEL. Lived on these during 2020....
Why are we taxed on litterally every dollar we make and every dollar we spend. But there’s no transparency on where exactly it goes. Will there ever be accountability? BRIAN FOR PRESIDENT 2024
James 4:4 Ye adulterers and adulteresses, know ye not that the friendship of the world is enmity with God? whosoever therefore will be a friend of the world is the enemy of God.
Thank you for the education. I bought graphics cards with my stimulus and now I have a steady income blessed by crypto and I needed a video exactly on this topic thanks 🚀😇🚀
Yes, that one was a VERY good question and I can see the argument from that perspective, but that's how the IRS treats it or sees it. Thank you for sharing and for all your support, I appreciate it so much Denis The Bear!
@@clearvaluetax9382 I’ll use the same example: I know I’m very late, but would this Matter if you sold 6,667 crypto= $10,000 And then a few weeks later you sold the reminding 3,333 crypto for $3 instead making $10,000. Profit gain being $10,000 meaning you’ll be taxed for $10,000? Or to make it easier. If you sell all your profits within the same year (at different prices/ more than 2 transactions) , ultimately it will be total profit - principle = Y ( Tax%).
Love your videos and content that you provide to your subscribers and the people. I hope your channel reaches new highs in the future and we get to see more content in the future
Thanks for your feedback....... I'll link you up on how to make more income...... kindly W::h::a::t::s::A::p::p::Him......+1️⃣~8️⃣~4️⃣~3️⃣~5️⃣~6️⃣~4️⃣~2️⃣~8️⃣~8️⃣~2️⃣::Tell him I directed you
Hey my friend. Let's make a complex video... For example. How is staking taxed? Interest like blockfi? How about defi space as well? Liquidity pools with losses or impermanent loss vs the interest earned? Rewards from the pools?
I have no idea how crypto works. I have no desire to get into it. However, I really like Brian's advice so I decided to watch and learn. Now I really don't want to do crypto. This stuff is so confusing. Have a great everyone and keep up the great videos Brian.
The irs computer system lets almost everything go through if you’re return information is similar. Only high or low incomes claiming certain credits get flagged usually
Thank you, Brian! Question perhaps for the next (monthly?) round of crypto tax Q/A video - regarding the SAFEMOON token: is the redistribution that occurs specifically with this coin when a another user sells considered a capital gain to those currently holding the coin? If it is, how should I track and report on this gain even if I don’t sell? Should be be treated like a dividend? There is so much hype behind Safemoon, but no one is touching on the tax implications. Thanks!
Thank you so much for the great insights as always, Brian! I have a quick question about stable coins. Since stable coins are pegged at the USD value, would holding say, $10,000 worth of USDT in a wallet and then selling them a year later incur any kind of taxable event? Thanks.
Thank you so much for your information Brian, been consuming your contents and it is very helpful. I was wondering if you could share some thoughts on how to file tax with Kucoin since it is not U.S. Based exchange. For example, if i lend out USDT and use trade-bot, how do i file tax and where could i rather information from the app to file it please?
Hey Brian, thank you for all the clear and concise info! I always appreciate your videos. I believe you’ve answered this before but I was wondering if we’re taxed for trading cryptos? (Like Bitcoin to USDT, or any other trading of various cryptos). I heard that you should report trading stocks, but I’m not sure about cryptos. Thanks for all your help this past year, you’ve definitely made my life easier with the news and financial updates!
Hello kim, first thank you for your time and sharing your knowledge, about question #5 100k gain-100k loss. I thought we were only allowed to claim 3k(limit) in losses. We can even out any amount? As long as its all in the same tax year?
Thank you so much Brian for all the valuable information you share with us❤ 😊. I'm always trying to search for this kind of info, but it's difficult. Luckily for me/us you are willing to take the time from your busy schedule to give us many important updates/information. Thank you again!
Brian, I have a question for you if you may. How does this work with mining? You complete a job and get payment in ethereum. You don't sell it. Is that taxable?
Thank you so much Brian! I was wondering if you could make a video explaining taxes in Defi like Pancakeswap, buying and selling coins like safemoon and other small cap memecoins. If you make a lot of money would you need to do quarterly taxes? Is it best practice to keep track of all data? Taxes on defi is really confusing I'd really appreciate it!
5:00 You buy 100 bananas worth 1$ each -total $100 Banana goes up in value to 2$ each -total $200 You sell $100 worth of banana but keep in mind banana at has doubled to $2 meaning you sold 50 banana ($2) for a total of $100 From that $100 sell, you PROFIT $50.
Thank you for your videos. I am new to crypto investing. Do I have to keep tract of profit and loss on every transactions or do we get a report from exchanges we use at the end of year?
Hi you videos are very interesting and informative. However, could you also discuss Mining cryptocurrency in a future video? I understand you pay taxes as regular income when you mine the coin, but my question is. You mine your currency, and pay the income tax for the mined coins, but you hold them instead of selling. The coins later go up in value from the point you mined them and then you sell, do you have to pay taxes on the same coins a second time as capital gains also, or if the coins go down from when you mined them to when you sold them would that be a loss?
Happy Saturday Wizkalifia! Thank you for all the love and support, I appreciate it so much and I'm so grateful! I hope you have an AWESOME weekend Wizkalifia, happy Saturday!
Great video! Can you make a video on any deductions/gifts/donations you can use to lower taxable gains? Let's say you make 6 figures or higher off crypto, are there any tricks to avoid some taxes?
Hi.... Thanks for all the good info for crypto. Was just wondering if there's any good sources of information on doing taxes on various different areas of crypto, such as trading, mining, using trading bots, lending crypto, etc. I'm getting started and want to make sure I'm doing everything correct. Thanks.
If you sell to move to another platform because you can't migrate crypto from platform to platform in the same year, with lateral cost how is that tax viewed? Thank you, love your videos!
Hello Brian. I very much appreciate your informative videos. I have a question. It is an elaboration on question 6. I'm confused on how it works selling one asset or stock if you have bought more than one and it shows your average cost. I use robinhood. Example: I buy one bit coin at $10. Then I buy one bit coin at $20. This brings me to having two bitcoins at an average of $15. So if I sell one of those at $20 I would make a $5 dollar profit if I go by my average. But if I go by the value I bought it at my profit would vary from a $10 profit or $0 profit if I was selling at the $20 price point. I don't know if that makes sense. Just the averages confuse me on robinhood because I don't understand how you know which coin you are selling. Thank you sir. keep up the great work 👍
Brian, thank you for this helpful information. If I bought BTC and gained on it, then did a trade for some ETH, do I pay taxes on that trade even though I didnt cash out but did a swap of crypto.
My question is: I bought crypto throughout the years from individuals and atms at a spread of prices that I can’t recall. This is before regulatory clarification on how to classify crypto. Later I might sell. How would I specify my buying price? A random estimate? Or the value is considered a gain? Thank you!
I WISH YOU WOULD DO A SHOW ON WASH SALES. AND NOT JUST THE BASICS...BUT EXPLAIN HOW THE LOSS EVENTUALLY "WORKS ITS WAY OUT IN THE WASH" IF YOU KEEP REENTERING THE STOCK (WITHIN THE 30 DAY WINDOW). THanks
Hi, thank you for sharing your knowledge and explaining so clearly. Tax-loss harvesting for stock is that we can’t buy the same stock in 30-day. Is that 30-day apply to crypto? Ty
So that last question. I did some research and it looks like you can use (fifo, lifo, hifo, specific ID). So the person in the example could go lifo, hifo or specific ID if they have enough documentation and come out with a zero tax bill. But if they sold a bitcoin next year for 100K, then I assume they would have to choose the first bitcoin they bought at 10K since they already 'sold' the second coin they bought in March and will get hit with a 90K taxable gain.
Do a part 2 please. I have a question on short term and long term capital gains tax. If I buy btc in January at $10000 and it goes up $20000, then I trade it for a stablecoin and hold that stablecoin until next year's January, will that be considered a long term capital gain?
![BOWKYLION - วิงวอน (ex-change) [Official MV]](http://i.ytimg.com/vi/cLdnZWDaO-w/mqdefault.jpg)
Crypto Taxes Explained For Beginners: th-cam.com/video/d8kGs_UNBWU/w-d-xo.html
We use the KuCoin crypto exchange: www.kucoin.com/ucenter/signup?rcode=2MPr3rr&lang=en_US
Join our Exclusive Stock and Crypto Content on Patreon:
www.patreon.com/ClearValueInvesting
If i gift my friend 1 bitcoin @10,000 and he sells his bitcoin @11,000 will he pay taxes on the full 11,000 or just 1,000?
So if I just hold it & don’t sell it do still pay the taxes
@@turbokid8719 if you hold you dont trigger the taxable event. Only when you close the transaction is when it becomes a realized gain.
Hi, if i have a capital loss of 5k, how much tax refund could i possibly get out of it?
@@joekim4794 thanks I have not bought Bitcoin or etherium I was thinking about it but it’s such a hassle now since they want to get over on people so much like here in Portland we have a commissioner that looks like she uses it’s crazy times we’re living in 👍🏻
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Just make sure you are still waiting at the train stop if you bought it. You’d be looking pretty again and about to take off
“Like” we’re friends, I thought we were friends. Brian I saw you more than anybody during the pandemic
We are indeed Chase Guap! I hope you have an awesome weekend!
😂 we mind as well be friends... lol
Facts 😂
Brian is the best thing that happened to the internet, i LOVE the no nonsense approach with NO intro NO outro silly music BS and esp the NO silly face reactions on thumbnails
Same
1001%agreed
ABSOLUTE STR8 TO THE GEMS NO FRILLS NO 🐃💩 KEEP IT UP B!
This was an excellent video. This video tells me anything is that when I'm ready to come out to the light I 100% need a CPA. I almost made a huge mistake that this video saved me from.
Nice! I'm so happy to hear this was helpful My Linux Struggle! Happy Investing!
Who needs college when you got Brian 🤣💯
💯
Haha nice Branndo, thank you for that! Yes, happy to give the free education!
👀
@@clearvaluetax9382 Fr can you start a college and we pay with dogecoin? So we get a degree and earn money with crypto
The first thought that came to mind after watching 1 video of his
Thank you for making beginner and intermediate videos. I feel so many youtubers only make beginner videos. So many people brag that crypto is not taxed but when I filed my taxes I saw a section to add crypto
This has definitely helped me out. Made me realize I need to stop buying and selling as often
hey how you doing .. Am Tammy Carr.. From Kansas
Can always count on this man for good info on anything in Finance and stuff about the economy, thanks for keeping us in the know
I appreciate that so much Christopher! Thank you for your support and I wish you a very nice day!
Best free content available IMO. Love your channel, Brian. Long-time watcher, haha.
Thank you John for all your long-time support, I appreciate it SO MUCH! I hope you have a very nice weekend!
Brian you are a national treasure. Thank you as always!
Thank you so much Young 'Leb! I appreciate that and all your support VERY much!
Awesome the capital gains and capital loss is why I came for. 👍👍👍👍👍
Nice! I hope it helps, thank you for all your support Naughty_Snuggles!
Thank you Brian 🔥
This video is GOLD🏆
Very professional. Straight forward.
Thanks for that LifetoWill! I enjoyed the gold remark and the trophy cup, nice! I hope you have a very nice weekend!
Working on the weekend, holy cow! You're amazing, thank you for helping us.
I'm taking tomorrow off! Thank you for all your support Kyle!
James 4:4
Ye adulterers and adulteresses, know ye not that the friendship of the world is enmity with God? whosoever therefore will be a friend of the world is the enemy of God.
CRYPTO TAX QUESTION: If crypto is purchased while residing in say NJ then sold after moving to say FLA. Which State Capital Gains Tax is paid? Also, does it matter how long I reside in each state during the tax year?
Btw, AWESOME CHANNEL. Lived on these during 2020....
Why are we taxed on litterally every dollar we make and every dollar we spend. But there’s no transparency on where exactly it goes. Will there ever be accountability? BRIAN FOR PRESIDENT 2024
Thank you for that comment and all your support Be Kind and Rewind VHS! I appreciate it so much!!!
James 4:4
Ye adulterers and adulteresses, know ye not that the friendship of the world is enmity with God? whosoever therefore will be a friend of the world is the enemy of God.
I swear this is professional information.
I remember when your channel had 1,100 subscribers. Glad to see the masses tuning in to great info.
Thanks for being here since the beginning Kyle! Yes, it's been one heck of a ride. I appreciate your support so much, thank you KYLE!!!
I've become a big fan of KuCoin because of your channel!
It isn't beginner friendly, so maybe an in depth guide from you would be awesome... ;)
Thank you for the education. I bought graphics cards with my stimulus and now I have a steady income blessed by crypto and I needed a video exactly on this topic thanks 🚀😇🚀
Question 3 was very well explained. I had trouble explaining this to my sister but I like your example. Just shared the video. Much thanks
Yes, that one was a VERY good question and I can see the argument from that perspective, but that's how the IRS treats it or sees it. Thank you for sharing and for all your support, I appreciate it so much Denis The Bear!
Yep. Question 3 was giving me problems when I was trying to understand my crypto tax. Finally understood though and sent out my tax return early.
Hey how you doing my dear
@@clearvaluetax9382 I’ll use the same example: I know I’m very late, but would this Matter if you sold 6,667 crypto= $10,000
And then a few weeks later you sold the reminding 3,333 crypto for $3 instead making $10,000. Profit gain being $10,000 meaning you’ll be taxed for $10,000?
Or to make it easier. If you sell all your profits within the same year (at different prices/ more than 2 transactions) , ultimately it will be total profit - principle = Y ( Tax%).
The way he describes... always so simple and crystal clear..
Protect him at all costs.
Haha thank you for that protection Black Myth, you are awesome!
Always gonna Watch.. You Always give Great Info.. Thanks Brian Your Awesome🤘💯
As an accounting graduate, this was like a mini class review to see that I have learned. This video is so well put and explained.
Thank you Brian. Have a great weekend.
I love how you put down the paper with so much attitude. Gangster turned tax man.
Love your videos and content that you provide to your subscribers and the people. I hope your channel reaches new highs in the future and we get to see more content in the future
That is so kind of you C Flacko, I appreciate your support VERY MUCH! Thank you C Flacko!
Found this channel during the pandemic, stayed for the great tax advice.
Good morning happy sat work mode but here 🙌🙌🙌📝✍🏼
Thanks for your feedback....... I'll link you up on how to make more income...... kindly W::h::a::t::s::A::p::p::Him......+1️⃣~8️⃣~4️⃣~3️⃣~5️⃣~6️⃣~4️⃣~2️⃣~8️⃣~8️⃣~2️⃣::Tell him I directed you
This channel is so useful on so many levels. Thanks for all your hard work sir!
I’m here for the paper slamming!
Hey my friend. Let's make a complex video... For example. How is staking taxed? Interest like blockfi? How about defi space as well? Liquidity pools with losses or impermanent loss vs the interest earned? Rewards from the pools?
Johnny, you are making my HEAD SPIN!!
Your briefings are very clear and .. appreciate
Very good!
Thank you Brian for explaining about Crypto taxes very very helpful! 😉👍
Good morning y'all 🙏 Have a Great Weekend Everyone Gm, Brian
Thank you Jeanelly! I hope you have a wonderful weekend too!
hey
Thank you Brian! For all your great information.
That is so kind of you Manuel, thank you very much for all your support!
Thanks for very helpful information
thank you so much for making this video Bryan, you made my weekend.
*DAMNNN Brian* your a specialist at all this stuff hahaha 😂🤣 bro the way you break it down describing! 🤙🤙👍
Hahaha I appreciate that VISUAL! Thanks for all your support, I appreciate it VERY MUCH!!
You should look at Vitaman Shoppes 'v' logo
You make an excellent math professor, Brian, because you are so brilliant explaining this stuff that even a fool can understand 👍
I have no idea how crypto works. I have no desire to get into it. However, I really like Brian's advice so I decided to watch and learn. Now I really don't want to do crypto. This stuff is so confusing. Have a great everyone and keep up the great videos Brian.
The irs computer system lets almost everything go through if you’re return information is similar. Only high or low incomes claiming certain credits get flagged usually
I just found your videos today. They are very good. Your explanations and examples are clear.
Thank you, Brian! Question perhaps for the next (monthly?) round of crypto tax Q/A video - regarding the SAFEMOON token: is the redistribution that occurs specifically with this coin when a another user sells considered a capital gain to those currently holding the coin? If it is, how should I track and report on this gain even if I don’t sell? Should be be treated like a dividend? There is so much hype behind Safemoon, but no one is touching on the tax implications. Thanks!
Good morning hope that everyone has a blessed weekend praying for everyone reading this receive many blessings God bless all God is good.
I hope you have a very blessed day Anthony! Happy Saturday!!
Same to you my brother keep up the good work.
Likewise
Thanks for the positive comments 🙂 God bless you & yours 🙏🌸☀️
Amen Anthony! Praise God!!
thank you.. .unemployment benefits and investing questions..
Good Saturday afternoon to you Brian, once again you're the 24/7 man.
BRIAN THE PODCAST🦁 LION 🙌👍🍺
HEY l have sent you an invite in hangout't so we can get to know more about each other well over there
Thank you Brian
I appreciate your time
This video is going to help a lot of people 👍
Blessings 👏
Thank you ZRobert66 for all your support! I appreciate it VERY MUCH and it's always, always awesome seeing you!!!
HEY l have sent you an invite in hangout't so we can get to know more about each other well over there
Thank you so much for the great insights as always, Brian! I have a quick question about stable coins. Since stable coins are pegged at the USD value, would holding say, $10,000 worth of USDT in a wallet and then selling them a year later incur any kind of taxable event? Thanks.
Have a great weekend Brian, and to all.
Thank you Richard! I hope you have a very nice weekend too!
Very good and precise explanations. Thank you for a very informative video and guidance.
loving the crypto videos brian! thanks my man
Nice Carlos! I'm so happy to hear that and I appreciate your support very much. Thank you Carlosinfinite!
Great video Brian! 👍 Extremely helpful! 👏
Thank you Chuy250! I'm so happy to hear it was helpful, thank you so much for all your support!!!
@cleartax value i watched some ads for you.... so i can support you making revenue from your videos. Keep them coming💕
I appreciate that Jojo! Thank you for all your support!
Thank you so much for your information Brian, been consuming your contents and it is very helpful. I was wondering if you could share some thoughts on how to file tax with Kucoin since it is not U.S. Based exchange. For example, if i lend out USDT and use trade-bot, how do i file tax and where could i rather information from the app to file it please?
It sounds like everyone who got into crypto in 2017 is gonna get audit. Awesome.
Hey Brian, thank you for all the clear and concise info! I always appreciate your videos.
I believe you’ve answered this before but I was wondering if we’re taxed for trading cryptos? (Like Bitcoin to USDT, or any other trading of various cryptos). I heard that you should report trading stocks, but I’m not sure about cryptos.
Thanks for all your help this past year, you’ve definitely made my life easier with the news and financial updates!
Brian went into a no BS mode. 😂😂🤣🤣 i like the intermediate level. Thanks.
Hello kim, first thank you for your time and sharing your knowledge, about question #5 100k gain-100k loss. I thought we were only allowed to claim 3k(limit) in losses.
We can even out any amount? As long as its all in the same tax year?
Well done. Very easy to understand.
Thank you so much Brian for all the valuable information you share with us❤ 😊. I'm always trying to search for this kind of info, but it's difficult. Luckily for me/us you are willing to take the time from your busy schedule to give us many important updates/information. Thank you again!
Brian, I have a question for you if you may. How does this work with mining? You complete a job and get payment in ethereum. You don't sell it. Is that taxable?
Thank you so much Brian! I was wondering if you could make a video explaining taxes in Defi like Pancakeswap, buying and selling coins like safemoon and other small cap memecoins. If you make a lot of money would you need to do quarterly taxes? Is it best practice to keep track of all data? Taxes on defi is really confusing I'd really appreciate it!
Right on Brian thank u for educating us on that info
That's much appreciated, you rock ROAD WARRIOR!!!!! I hope you have a very nice weekend!
Thank you for breaking everything down and making it easy to follow I really enjoy your videos
Thanks for watching>
+*1(850)>< W. H. A. T. S. A. P. P =M. E✅❤️.
5:00
You buy 100 bananas worth 1$ each -total $100
Banana goes up in value to 2$ each -total $200
You sell $100 worth of banana but keep in mind banana at has doubled to $2
meaning you sold 50 banana ($2) for a total of $100
From that $100 sell, you PROFIT $50.
Good info
Litecoin has HUGE potential 🚀
I just got start in investing and this really helped keep up the great work
Thank you for your videos. I am new to crypto investing. Do I have to keep tract of profit and loss on every transactions or do we get a report from exchanges we use at the end of year?
Dag bro, you are helping me out a bunch here. Thanks for those great info.
Can you talk about Staking//Lending crypto tax please! Example: Taxes from Using that KuCoin platform you have told us about!🙏🏻
Appreciate this video! Great content!
Thank you Brandon so much for all your support, I appreciate it very much!
Hi you videos are very interesting and informative. However, could you also discuss Mining cryptocurrency in a future video? I understand you pay taxes as regular income when you mine the coin, but my question is. You mine your currency, and pay the income tax for the mined coins, but you hold them instead of selling. The coins later go up in value from the point you mined them and then you sell, do you have to pay taxes on the same coins a second time as capital gains also, or if the coins go down from when you mined them to when you sold them would that be a loss?
Thanks for watching>
+*1(850)>< W. H. A. T. S. A. P. P =M. E✅❤️
Happy Saturday! Buy at the dip 😉. Hi Brian we love youuuu!
Happy Saturday Wizkalifia! Thank you for all the love and support, I appreciate it so much and I'm so grateful! I hope you have an AWESOME weekend Wizkalifia, happy Saturday!
Nice loophole there on picking "Which bitcoin" you sold... Nice.
Great video!
Can you make a video on any deductions/gifts/donations you can use to lower taxable gains? Let's say you make 6 figures or higher off crypto, are there any tricks to avoid some taxes?
2 mins happy Saturday Brian thanks
You rock Shawn, it's always great seeing you! I hope you have a very nice weekend!
Best video ever on crypto taxes
Hi.... Thanks for all the good info for crypto. Was just wondering if there's any good sources of information on doing taxes on various different areas of crypto, such as trading, mining, using trading bots, lending crypto, etc. I'm getting started and want to make sure I'm doing everything correct. Thanks.
Thanks for info.
Have a nice wkend😊
Thank you Patty! I hope you have a very nice weekend too =)
Awesome content. Thank you!
Thank you Mike! I appreciate your support VERY MUCH!
You’re such a helpful guy Brian. If I ever run into you one day, I’m buying you a beer 🍺
The specialized videos on Sunday’s are always fun thanks. And yeah the first video was a little basic for me this ones nice.
awesome, most cpa's arnt even on top of this crypto stuff
Yes, I hope more CPAs get familiar with these issues. Thank you for all your support Noisser Pxe!
If you sell to move to another platform because you can't migrate crypto from platform to platform in the same year, with lateral cost how is that tax viewed? Thank you, love your videos!
Great video!! Is buying a crypto with another crypto considered a taxable event?
Yes that would be a taxable event Michelle because the taxable event is triggered upon disposition of your coin.
Good afternoon everyone enjoy the rest of your day .😊💜
Good afternoon Trina! I hope you have a wonderful weekend, happy Saturday Trina =)
Hello Brian. I very much appreciate your informative videos. I have a question. It is an elaboration on question 6. I'm confused on how it works selling one asset or stock if you have bought more than one and it shows your average cost. I use robinhood. Example: I buy one bit coin at $10. Then I buy one bit coin at $20. This brings me to having two bitcoins at an average of $15. So if I sell one of those at $20 I would make a $5 dollar profit if I go by my average. But if I go by the value I bought it at my profit would vary from a $10 profit or $0 profit if I was selling at the $20 price point. I don't know if that makes sense. Just the averages confuse me on robinhood because I don't understand how you know which coin you are selling. Thank you sir. keep up the great work 👍
Thanks for watching>
+*1(850)>< W. H. A. T. S. A. P. P =M. E✅❤️.
Thank you for this!
My pleasure, thank you for all your support Zak, I appreciate it very much!
Brian, thank you for this helpful information. If I bought BTC and gained on it, then did a trade for some ETH, do I pay taxes on that trade even though I didnt cash out but did a swap of crypto.
Thank you for this
Thank you for all your support Honorio, I appreciate it very, very much!
do you still prepare taxes or have any cpa recommendations by state, maybe on your website somewhere
My question is: I bought crypto throughout the years from individuals and atms at a spread of prices that I can’t recall. This is before regulatory clarification on how to classify crypto. Later I might sell. How would I specify my buying price? A random estimate? Or the value is considered a gain?
Thank you!
Good video. You should cover air drops , forks, and staking on your next advance video on crypto.
Hey how you doing my dear
I WISH YOU WOULD DO A SHOW ON WASH SALES. AND NOT JUST THE BASICS...BUT EXPLAIN HOW THE LOSS EVENTUALLY "WORKS ITS WAY OUT IN THE WASH" IF YOU KEEP REENTERING THE STOCK (WITHIN THE 30 DAY WINDOW). THanks
Hi, thank you for sharing your knowledge and explaining so clearly. Tax-loss harvesting for stock is that we can’t buy the same stock in 30-day. Is that 30-day apply to crypto? Ty
So that last question. I did some research and it looks like you can use (fifo, lifo, hifo, specific ID). So the person in the example could go lifo, hifo or specific ID if they have enough documentation and come out with a zero tax bill. But if they sold a bitcoin next year for 100K, then I assume they would have to choose the first bitcoin they bought at 10K since they already 'sold' the second coin they bought in March and will get hit with a 90K taxable gain.
Do a part 2 please. I have a question on short term and long term capital gains tax. If I buy btc in January at $10000 and it goes up $20000, then I trade it for a stablecoin and hold that stablecoin until next year's January, will that be considered a long term capital gain?