How To Do Taxes For Bitcoin: Cryptocurrency



I tried to call the IRS….4 times. No luck. I decided to hunt around on my own. This is what we got. The IRS wants every single transaction calculated to US Dollars …

39 Comments

  1. Idk if you'll reply to this but I purchased Bitcoin a while ago and just made like $3 gain. Does that mean I have to report it? 😂 I only did it for fun.

  2. Taxation is not theft.

    You just don't comprehend the game.

    Youtube "lawful money 12 USC Section 411"

    Once you make demand for "lawful money" you then by law according to that code are tax exempt and the IRS doesn't touch you.
    You're welcome.

  3. You shouldn't promote Turbo Tax. It is software provided by Intuit. That company uses its corporate wealth to lobby politicians to deliberately make it difficult for anyone to find their own way through all the IRS forms. They successfully manipulate us with an overwhelming sense of paperwork confusion / hopelessness so that we surrender ourselves to being dependent on them and their software to keep us out of legal trouble. Doing taxes isn't supposed to be difficult. Anything we HAVE to do should be made available to us by government as welcoming as possible. They make compliance difficult on purpose. This is effectively Intuit robbing each of us in partnership with politicians already robbing us via taxation. Every time you use Turbo Tax and suggest anyone else should also, you affirm and reward Intuit's unethical practices of corralling us all into their business as customers under duress (imposed by them).

  4. I want to know more about US cryptocurrency taxes in certain conditions. Let's say I am from Asia and my family member is permanent resident of US and he/she wants to send me amount $10,000 – $40,000 in cryptocurrency by purchasing from Coinbase(or any other fiat to crypto exchange) and wish to transfer to my crypto wallet immediately. Now what is the process going on here about filing tax(if needed) and is there any kinds of limits to gift people? And what if I sent back some amount back to him/her's(in US) wallet and trying to exchange to fiat? If I try to convert to fiat then obviously my country regulations apply as when I got it and when I am trying to cash out with taxed on gains. But, how does tax department or how to give exact date on receipt, transfer and cash out and what is the basis they(tax department) take as a valid proof that certain person who is purchasing or transfering or receiving or cashing out, has done that part of process on that exact time and exact amount?

  5. the government has a small area where it can be effective. It is now into things it should not be.75% id say, of the government is useless. They suck money from people. Tax is a form of extortion just how the mob does things. Pay us to do business or you will be out of here. aka property tax. You own no property really. You pay rent to the local governments. this is just one example and there are thousands. It's an extortion racket. Most taxes are bullshit. I realize roads and bridges etc are necessary to some extent and tax money is needed because we all use the roads unless you don't own a vehicle, but the majority of taxes are pure theft.

  6. I would take each particular coin, list transactions, in chronological order, and fees. Your accountant will do the rest. You’ll see the sales, and profits. Less than a year, taxed like income. Over a year, taxed at a lower capital gains. I’m not worried, Coinbase, now all moves, haven’t sold, or own much alt coins on other exchanges. Haven’t used for purchases. Not a big deal, that’s why you have an accountant. Not that hard.

  7. lol.."got nothing".looking at comments ….so bought bitcoin i sep..havent sold..have traded a crapp load stopped when i heard first news of taxable in dec, still got my shit ..red as f&*& but still got it …so iam good …right??? .but it was up in dec..so i got to report a gain..yeah right….ohh yeah fU)( the &rs….STAY KRYPTIC YALL!!!!!!

  8. You mentioned towards the end of video, "If they contact you 6 months later, and say you paid to little…." Unfortunately, it's worse than that. The IRS contacted me 3 YEARS after I had done an IRA roll-over from one bank to another. They said I owed taxes, penalties, AND 3 years of interest, because the roll-over was not done right. Fortunately, I still had all my paperwork, which showed the BANK screwed up by not reporting it correctly, so I didn't owe anything.
    The point is, just because you might not hear from them THIS year, they can still "getcha" down the road, with even higher fees.

  9. I put in 500 dollars in cryptos, exchanged from bitcoin to a few altcoins and now I'm holding. Didn't make any money nor withdraw money out. In fact I lost about 250 dollars. I'm 19 years old and this is my first year doing taxes bymyself. I don't want to get any issues with the irs but this stuff is so confusing for me and I really don't want to file for cryptos. Do ya think I'll be fine without filing for cryptos?

  10. Thank you. Video was very helpful. So far I am on track. I'm just not sure as how I should answer this question. Give us a brief description of your freelancing or contracting business, including the product or service you offer.

  11. Cryptocurrency tax rules need to be challenged in court. When you trade your USD for another currency like the Euro and while you're holding it the Euro goes up in price and then you go off and spend it it's not taxed as a gain. So why is crypto taxed as a gain when you make a purchase? It should only be taxed when traded in an exchange not when used to pay someone or to purchase something.

  12. Dude, phone maze is a perfect description… so many options, and impossible to navigate directly anywhere. It's only slightly less confusing then their website.

  13. adam pospisil
    11 hours ago
    hello i have a quick question if i invested 6000 into crypto and capital gain tax is except on the first 11000 of your income as im still a student its my only source of money. If i withdrew 11000 and my initial investment (6000) will it be tax free or will i be taxed as its overall over 11000?

  14. Have you figured out how to treat the DECember Bitcoin Cash airdrop in regards to taxes. I am holding it, but not sure wether to claim it as income, or just wait/hold/sell-later/cap-gains then… let me know

  15. They say Pres Twitter made the Tax Code simple. Yea Right it sounds to my like your going to be doing 4 to 5 times more work than you did before the new tax law Get real IRS

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