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WELCOME CRYPTO FAMILY! 👨‍👩‍👦‍👦 IT’S TAX TIME!! 😬

Hello, fam! Crypto Casey, here 👋 and I'm on a mission to improve people’s lives through #crypto education. In this video we look at the reality of #taxes in crypto: what’s taxable, and what isn’t, recent IRS rulings and guidance, as well as long vs. short term capital gains, interest, penalties, and even criminal charges! In the end we propose what we think is the easiest, fastest, most efficient way to calculate your crypto taxes!

Be sure to Subscribe 🔔, Like 👍, and Share 🔗 this video! Then sit back and enjoy an informational binge session watching my other how-to videos on crypto, blockchain & #finance:

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Thanks for your support! Crypto Casey makes informational videos about cryptocurrency, blockchain tech & finance. Please subscribe to the channel and turn on notifications.

NOTE: This description contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thanks for supporting the channel!

DISCLAIMER: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#crypto #cryptocurrency #BTC #bitcoin #ethereum #tax #cryptotrader #coinledger #taxes #cryptotaxes #cryptotax

TOPICS: crypto taxes, how to calculate crypto taxes, what crypto trades are taxable, are crypto taxes hard, how are crypto taxes calculated, when are crypto taxes due, how high are crypto taxes, what happens if you don't pay taxes on crypto, is crypto tax free, does crypto get taxed, how to reduce crypto taxes, how crypto taxes work, how are crypto taxes calculated, how much does crypto get taxed.

[matts]

Now Should Be The Best Time To Buy And Trade On Bitcoin or Shiba Coin🚀 Because Currently The Profits Are Good And Up To A Standard Rate

[fibonaccigoddess]

I went to the website and the platform is NOT upgraded nearly enough. They basically take any transaction they dont have a history for and BAM add the entire transaction as a sell and a capital gain. They also have no integrated cold wallet communication into their platform -- so every time you send money offline to be stored into your cold wallet it is automatically categorized as a taxable event because they dont recognize the withdraw to and from cold wallets as a non taxable event. Apparently I owe TENS OF THOUSANDS in capital gains taxes when I for sure know I do not. It ended up being not helpful at all. Definitely going to pay a professional because this is a nightmare. Why would I pay for a tax report that I have to completely ammend myself ?

[RubyRhu]

I tried the tax software you mentioned at 7:22 but did not like it because it did not recognize any of the coins used in my Defi transactions. I think it's just good for those who trade bluechip coins.

[yuihuyen]

I'm new to crypto trading what's the best way to get started with trade cos I've been making my personal research for a while now, i don't know how to trade on cryptocurrency

[jackcortez]

thanks for sharing all these information, now i have an idea.

[ericbatista]

finaly, i figured out how to transfer out of wallet. must be connected to coin base as well. thank you.

[louisewelson]

*My question is, how do we earn from crypto?...I have a bit of money out there, just can't figure out where to put it and how much to place...lol*

[renaissancemaneric]

Hey can you do a video on the tsunami of audits this year?

[shawn]

What if you used exchanges that were hacked and have no idea what the names or amounts of the crypto's you had?

[yankeesuperstar]

Exchanging alt coins for Bitcoin is taxable? Or no?

[TheShiftPoint]

Yeah, definitely have to be careful... As a Binance US Angel, I would ban about 700 bots/scammers every week. I enjoyed this video, but it left me with some questions. What other platforms have you tried? Do you still need to report everything even if you don't make enough money to be required to file? I'm going to watch more of your videos before I ask further questions. I'm currently thinking you would be a good friend to have, but I need to learn more about you before I jump to that conclusion based on one video or even a series of videos.

I'm trying to figure out this tax stuff lol... It really is a pain. I would love to design a better system. So many things to fix... Looking at it all, it has me wondering if this is really the best we, as a species, can do. 😅

[Rmack]

Shouldn’t p&l’s be all that’s relevant ? No wonder people are leaving?….😢

[adambland]

Casey if I lost alot bc I was a beginner nov.21 like for me....what should I do? Can I claim this 600 loss on my Indiana resident.i don't believe I ever gained anything....heard I can claim3 k

[thatmoose]

.... not sure if i like the video. Its done very well. But in principal taxes are non consensual. And it feels bad knowing bending the knee all because government threatens many with violence or at very least putting people in cages

[joshpeter]

Mrs Jane is legit and her method works like magic I keep on earning every single week with her new strategies

[rainmon]

It stopped short bringing in all my BlockFi trades and would not even recognize any of my Atomic Wallet files. None of these tax apps are a 1 stop solution and it looks like at the end of the day if you have multiple wallets, different protocols like Anchor and Terra, with multiple exchanges you'll be needing multiple crypto tax apps sending near $1000 and hours upon hours of work. This video really makes me angry pretending this is an easy 4 step and you're done process, what a load of BS.

[zdenkavesela]

It's unfair on how things have turned up to be due to the recent world pandemic things has been so difficult BTC trading has helped me maintain financial stability.

[angelamc]

Every item I choose to UNLOCK is wanting to charge me $49 for every singe one! Capital Gains, Other, and Taxable Income Each one says i need to pay $49 :(

[jayem]

i've been hesitant on doing taxes for this reason. but now i am confident. somewhat. Thank you for giving personal insight and suggestions. subscribed!

[Mike-wcns]

Something I don't understand is why one or two transactions for any given coin on an exchange sometimes reflect as many as 30 or 40 transactions on the tax report? This creates a file so big that we can't download or import it because it's literally hundreds of page long, even when converted to a CSV file. If I make two trades, the report should reflect two trades, not 30? This also creates the need to upgrade your subscription to cover a higher volume of trades that didn't really happen, which is absolute BS. I've tried using CoinTracker, CryptoTrader, TokenTax, etc, and each one has some kind of hangup that doesn't make it as simple as "clicking" a mouse. Another issue is when Cost Basis is missing on some trades, but that's why we "import" our transaction history, so all transactions, gains, losses, etc, are retrieved for "easy" filing. When linking your exchanges via API, it should be as simple as that, but it's hasn't been.