Crypto Taxes in US with Examples (Capital Gains + Mining)
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- เผยแพร่เมื่อ 19 พ.ค. 2021
- Wanting to learn more about how cryptocurrency taxes work in the United States? In this video we use examples to explain how the IRS wants you to pay short-term capital gains, long-term capital gains, and mining income.
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the smart way to go about this by using a cloud mining service in another country to make good profits like me , where i make $30k monthly
can you tell me what Crypto Cloud mining service you using, that's making you 30k monthly i am very interested to know pls...
(SOLAR CLOUD FARMS)
Well, it's the best crypto cloud mining, where you mine without issues or taxes and make good profits.
wow, i surely will try them out now i am so interested, whats the best mining plan to get started with them as a newbie?
no way you guys are talking about solar cloud farm ??
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Despite the current economic crisis, I also found that many people are still making six-figure salaries; the only difference is that these tactics are commonly used successfully by those who have a good understanding of the market.
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Thank you for a beautiful, articulate, well-paced, no-nonsense educational video. Well done. Keep it up!!!!
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Bro that’s a one hell of a clarity on crypto taxes
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
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The content you guys produce is so good! I’m not even subject to US tax, but I watched this video anyway!
Love how you cover all bases, through and to the point.
great video dude!
Thank you for this. Love the content on the channel!
Best video I've seen about taxes and crypto. Thanks you sir.
Love you guys!!🤟✌️👍👌🖖😎
Thank you
Good video man!
Thanks for the feedback! In this early stage of our channel, we don't get much, but really appreciate it :D
@@WhiteboardCrypto this channel will 100 percent get bigger if you guys keep it up. I’d recommend going live one time on a bullish/bearish crypto day.... many paper hands and new crypto folks out there daily looking for reliable insights!
Taxes suck
Great video, although it didn't cover a very important aspect of crypto mining: EXPENSES. I've been doing research on it and it doesn't seem clear cut. I would think miners would be able to account for expenses such as electricity and the cost of the equipment (i.e. mainly gpus and other computer parts). I would appreciate if @Whiteboard Crypto or anybody else can shine a light on this topic. Thanks.
Is it the value when you receive your mining payout? Or when you are still mining it before the payout? I was told it's when you actually receive the payout into your wallet.
This video was incredibly helpful to understand how all this works. Thank you!
Feel like you left out a very important part. LLCs and other corporations. Going into them is probably too much for this video but they're certainly at least worth mentioning.
quick question: lets say im dollar cost averaging my position in, how is short term or long term calculated? lets say im averaging for months 1-9, and sold on month 15, now I sell 10%, will it be calculated that I have sold my holdings from month 1 or 9? since based on this it could become short term to long term. Can I control this?
Unless you wrap your staked crypto right?
If you bought bitcoin
$1000 - 9 months ago and it gained 50%.
$1000 - 1 month ago and it gained 0%.
Sold $1000 of bitcoin 2 weeks ago, do they count it as the $1000 from the first purchase or second purchase?
How do you separate sales, does once you buy more pf one type of crypto, they join together and anything that is sold afterwards, regardless of buy/sell date, count as the capital gain?
Do types of crypto get separated? Or taxed as total gains of platform's account,
What if I bought $1000 1 month ago and $1000 13 months ago, is half taxed as long term gains and the other half as short term gains?
Any good video you can refer me to to answer nuanced questions about crypto tax?
Thank you for this video !!!
I would be so very grateful if you would do another video but this time with koinly ? And explain
1. If we didn't manually calculate things, are we screwed ?
2. Some defi ecosystems don't have a CSV file to download, which is what these tax softwares want from us to import. What do we do then?
3. How are autocompunders treated?
Is there a difference tax wise from a regular yield farm and an autocompounder?
4. How do we calculate our gains from play to earn defi crypto games like defi kingdoms ???
5. How do we find affordable CPAs in the states ?
6. There's so many wallets and exchanges that aren't supported on tax software like Terra and AVAX on koinly.
I know there's a way to manually do it but that goes back to the above questions because you need a CSV file you don't have to make it manually.
I'm frustrated and it feels like I've not found a good answer to these questions 😪 not even reddit lol
For USA
Thank you !!
I'm a miner, is there taxes for transfer eth from coinbase to outside the US exchange.
How do you calculate taxes on token-generating NFTs, airdrops and vampire attacks?
How are capital gains taxes assessed on a ATS/ STO exchange?
Good video that covers the basics. HOWEVER, I think it is incredible naive to think that US government would EVER give up on trying to tax crypto gains. If it came to that the solution for them would make it completely illegal. How enforceable that is, is another question. At the moment the avenue for leverage on this scenario, is that most of crypto's utility and value coming from being able to convert it back to fiat, which the government has much more power and surveillance capability of.
they should've just get rid of tax on people who only mine and withdraw but not trading
I've been doing a lot of swapping and trading coins in 1 to 20 dollar ranges. Like I'm trading shib at 90 shib at a time sometimes. How the eff are they gonna tax that? I've also kept no records. I didn't know I had too. I'm mew to all this. Only understood I owed taxes when I sold. Not traded cryptos for each other. Ugh taxes are gonna suck.
Fair Share? Who decides that?
Tax on the Gains. So if someone invest $1000 in Crypto. That investmemt doubles to $2000 , then one cashes out the original $1000, one should NOT get taxed for withdrawing the original $1000 investmemt...... .correct?
Thx. What if I bought one btc for 35k two yrs ago. The current value is 45k, but I traded the one btc for a car or rv that is worth 25k. Can I take a 10k capital loss?
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Building a good investment portfolio is more complex so I would recommend you seek Bryan Anderson support. This way you can get strategies designed to address your long/short term and financial dreams.
I gained more knowledge and a better understanding of trading with his strategy. I increased my portfolio from 1.7 BTC to 2.35 BTC.
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make a ICO video
For miner out there, Mining and buying crypto is the start of a taxable event, not the total end to one. Only difference is mining is consider income (like an hourly job) and has to be reported. When you sell or trade what you mine, you have to follow standard capital gain tax events. It's only though when. what you mined gets paid to your wallet is the starting point. Just like any other pay day, you need to pay your taxes when it hit your wallet. So timing is everything, so if the price is going down wait a bit. IRS hasn't gone into detail about mining payout. Yet...
u cant get more passive of a investment lol ,this is all investment and only capital gains shud apply when you sell
It would be amazing if you could update this video and talk about what can be deducted. I am hoping that trading fees are deducted. Could you make a video about how people can legally increase their capital gains deductions? Can people create an LLC for investing in crypto and other assets such as stocks and deduct things like their computers, travel to crypto conferences? office space? other?
I understand the concept of long term capital gains but what I do not understand is how you are suppose to hold a crypto for an entire year with the stock market fluctuating as it does to benefit from the lower tax rate. What am I missing??
isn't it over all in one year for the capital gain instead of each transaction?
Subscribed! This needs more views! I havent done too many sells but keeping track of all of it seems like it will be a nightmare. Hopefully coinbase prints out a report of everything and mails it to you like the stock exchanges do
I'm not sure if they mail it, but you can definitely print them off when logged in. Only one that won't let me is Binance ☹️
Can you do the video on tax evasion next?
Maybe on how to avoid it ;)
@@WhiteboardCrypto tax avoidance=legal
Tax evasion=illegal
Interesting video. I work for the IRS and will be sending out a CP59 form to you so that we can sort out your lawn meowing business income. You might get a refund so don't sweat it.
Do you have to pay taxes when you sell and don’t make profit
Great video. I'm a small timer so I know I am currently exempt from taxes this year. But if any of my crypto moons I'll definitely reference your video. I would like to ask how are gas fees and other fees handled when buying and selling crypto? Does the seller get to write that off as well? For instance when I bought $1000 of Ether to swap for Safemoon I was left with only $700 worth of Safemoon. Is the initial reportable number $1000 or $700? Same with selling there are fees there as well. Also define holding. Is holding just transferring to a wallet and leaving it alone for a year or can I also buy and sell with this amount then cash out to my personal bank account after a year? So many ways of looking at this. I need a class.
Great info, I have one question. If you bought 1 sol for $90 and it went up to $220 and you pulled out the $90 of the initial investment. What would you owe in taxes?
Yup because the US government is a joke
How do you cash out crypto without using a snitching exchange?
So if you mine 1btc every month for 2 years, then the long term gain is realised when you sell the coins from older block? The gov doesn't lump them together? So miner should keep multiple wallet for different time period? Like one for each year?
You'll need to do some reading on the IRS website, specifically regarding "cost basis", to calculate what the profit is for each BTC you mined that you sell later
Re: mining income. You can also deduct your expenses associated with mining. I use a Kill-o-Watt meter to measure the KwH used by my farm. Then, I multiply the number of KwH by the cost per kWh (about 11¢) to get my electricity expense.
Bitcoin is now foreign currency. Why we need pay tax for exchange one foreign currency to other?
So what if you are buying on a decentralized exchange like Pancake Swap how will they know then?
What if I buy 1 ETH for $1000 and buy 1 ETH the next week for $2000 and sell 1 ETH the next week for $3000? Which ETH did I sell? Did I sell the one purchased for $1000 or did I sell the one I purchased for $2000? The tax will be different depending on which ETH was sold. Who gets to decide which ETH was sold? Does the IRS have a law or policy about this? Thanks
Still waiting on an answer for this one.
How does the taxes apply if you transfer your coins from coinbase to your hard wallet?
Can you name good crypto exchanges that may not be subject to capital gains?
All DeFi (decentralized finance) platforms & DEXs (decentralized exchanges). Just don't use centralized platforms like Coinbase and no KYC.
Using a browser exchange through a crypto wallet
Pancakeswap
what if i mix mixing coin with coin i paid for? how does that even work? i been mining for 6 months, i got no clue what the numbers are.. Im sorry i think if they are telling the IRS what we make the IRS should send us the info on what we need to pay, not make us do it.. god i hate it here
What if I gained $10 from 1 stock/crypto, then sold it and buy a diff one? Will I pay tax for that $10 gained?
Yes
Does not cover what happens if crypto in your account loses value, but I suppose I can guess. The losses you realize can be counted against your capital gains that year.
When did the US introduce tax laws? From my research there isn't one!
don't risk tax invasion...just change country of residency XD
What about yield farming can you cover that as it relates to taxes please?
I frequently hear people discussing the returns they earn from investing in Bitcoin and Forex. As a beginner, how can I get started with it?
How did you track what you mined?
How are taxes reported on crypto assets bought/sold outside of centralized exchanges? For example, I bought $100 worth of ethereum on coinbase. I then transfer that ethereum outside of coinbase and used a decentralized exchange to purchase $100 worth of 'token x'. Held 'token x' for a year and made $100 profit for a total of $200. Traded 'token x' for ethereum to transfer back into coinbase to convert into fiat cash. How does the irs identify that as long-term capital gains? Or is it automatically considered short term gains?
Good video. I have a question. Hypothetically, what if I bought 1 bitcoin at $10,000. Sold it at $60,000. Bought back when it went down to $50,000, but sold (out of fear) at $30,000?
50k gains + 20k losses = 30k taxable gains :)
never been greedy ive sleep behind ymcas before ill be making 19k a day mining btc soon i plan to withdraw every 3 months ill pay that 37% lol
Does income include the money from selling your crypto?
Does buying on a dex instead of an centralized exchange a preferred way to avoid capital gains (asking for a friend)
6:10 Good thing i'm Europe and here we don't pay taxes for Crypto ! 😏
You are wrong about how taxes work.
If you make half a million you don’t pay %37 on all of it.
The first $9,252 will be taxed at 10% and the rest taxed at %12 and etc etc.
thats income tax, not capital gains
Hi Theodore. Awesome video. Can you please recommend a good professional in crypto taxes and accounting
👆👆
Who's here after India put freaking 30% tax on all crypto profit transactions? U.S have a systematic tax according to the amount to you invest. India should learn from U.S crypto tax system.
Do people actually pay these taxes? I would love to have answers
Coinbase
Coinbase
Haha - less likes than your other videos - wonder why... ((:
Corruption !
Damn, Americans forgot about the Boston tea party, huh? Tax evasion ha more like pay the government not to do their job😂😂😂😂😂😂
💡 Question. Do you pay your tax over the whole income or only over the profit?
Circa, minute 4:42, "...they will snitch on you..."
So, an exchange reporting public transactions, as they are required to do, is snitching?
Bad look, Whiteboard.
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WHAT ARE YOU TALKING ABOUT, NOT PAY TAXES ON CRYPTO. You think the US government is going to through away billions of dollars in tax revenue. If you believe that, I have deeds to the Brooklyn bridge to sell you very cheap.