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Doing taxes on your crypto gains can be a nightmare.
Because of the volatility of coins, tokens, and NFTs – tracking your real world capital gains can get messy pretty quick.
And since crypto is a relatively new way of investing, many investors will try to fly under the government’s radar.
But I’m here to say that that isn’t the smartest move.
Failing to report your capital gains from crypto correctly could land you with significant fines… And set you back by more money than you made in profit.
But – I want to make things simpler for you.
This is the best guide on the internet on how to do your crypto taxes
We will cover:
Crypto short term capital gains
Crypto long term capital gains
Crypto bot tax
Defi taxes
Crypto lending taxes
Crypto staking taxes
And crypto tax tricks
0:00 Intro
0:50 Do you need to pay tax on your crypto trades?
1:30 3 big events
1:32 Selling your crypto assets are 1 year – Long term capital gains
2:20 Selling your crypto assets within 1 year – Short term capital gains
3:02 Taxes on using crypto to pay for things
3:40 How to account for crypto transactions
4:30 Tax on swapping your crypto for another crypto
5:00 Free crypto tax calculator
6:20 How NFTs are taxed
6:43 How to use capital loses to your advantage
7:40 Crypto defi taxes
8:10 Taxes on staking crypto
8:40 Taxes on lending your crypto (type 1)
9:42 Taxes on lending your crypto (type 2)
10:08 Taxes on crypto bots
10:30 How to write off expenses as a professional crypto trader
11:10 Other crypto tax tracking methods
Schedule one-on-one business consulting with me here: https://max-maher.teachable.com/p/1hr-consultation-call
*I am not a financial advisor. This is not financial advice*
source
New Law: 15 U.S. Code § 77c states that all value gained through this video must be reported via the subscribe button above. (Sorry, the IRS is really cracking down on this)
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Comment below
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ETH
Can anyone confirm if any of the information applies the same way in Canada. Or please link a discord link to explain. Thanks
Thanks for your opinions.It's very important and big issue from my country now
Sooo. good document for totaly closed position. But how to calcul for position with multiple buy and sell with buy after the last sell ?
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im not fully understanding 6:43 and if what Max is saying is accurate? He makes it sound like if you made 30k and had to pay 10% in taxes, you would pay 3k in taxes. But if you incurred a loss of 3k on something, you could deduct that from your taxes meaning you wouldnt have to pay any taxes. Is that correct?
Or is it if you made 30k in gains, and 3k in losses, you would have to only pay taxes on 30k-3k=27k so in reality your 3k loss is only saving you 300 dollars since you went from paying a 10% of 3k to a 2.7k of the 27k?
Which scenario is it guys?
You document is working pretty well for position that I completly close. But what to do with position that I buy & sell and buy again later and still have some coin/token after ?
So since they are taxing swaps and earning can I write off the fees involved with purchasing and transfering crypto?
I started staking this financial year and after learning how much work I will need to do to calculate that and then capital gains etc it's just not worth it. Not to mention with some coins it is quite impossible to accurately do so.
Will stick to capital gains.
Maybe if the rules change in the future I will resume staking but for now it's not worth it in my case at least.
One of the Crypto Goats these videos are soo well explained and in order! 🤜🤛
Thank you for this video. What if realized losses are more than 3000, say huge losses of $220, 000?
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I thought the whole reason crypto was created to avoid the government control and banks but here we are again.
Did everyone just forget that everything is tracked on the blockchain and can be extracted through an API from your exchange or wallet.
Question.. As a loophole, could you sell $40,000 at a time? Until you reach your desired amount?
Me watching this worried about messing up my taxes even though I only made like $200-$300 in taxable income on my crypto this last year.
the calculator link you provided. is that templet privately saved online or do I need to download onto my Mac ?
Claim that dollar if you haven’t ! Government wants you to pay your taxes even if you found a dollar
Thank you so much for the template!!
love this thank you!! Just wish the excel sheet had a column for keeping track of gas fees/royalties, etc
This is bull, I kept track of absolutely nothing. Probably made over $200k this year I crypto. I’m gonna pay huge penalty I feel…
lets all agree to just not do them
Vote out democrats they are anti crypto and want to raise taxes on EVERYONE.
Definitely looking to joining your patreon in early Jan. Do you know how to capture staking rewards transactions for things DRIP? Cointracking software doesn't seem to have a solution to that since when u stake, the staked amt isn't technically in your wallet anymore so you can't find it on the block chain when you do an import
Jj the cpa sent me
One question, say you bought a crypto with $10000 and it turned into to $60000, and you only take out your original $10000???? Is that $10000 taxable???
taxes are always due April 15, even if you have an extension until Ocotber