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Cryptocurrency investing has been rising in popularity over the past ten years. However, even though more and more people are investing in crypto, many people are confused about how taxation works for cryptocurrency. In this video, tax expert Karlton Dennis explains everything that you need to know about cryptocurrency taxes.
This video provides a cryptocurrency tax guide for beginners. It explains whether or not cryptos are taxed, how capital gains taxes work for cryptos, what your crypto tax obligations are if you hold your coins long-term and do not sell, and more.
The video also covers how taxes work for cryptocurrency staking, which is another form of generating profit with cryptocurrency in addition to simply holding the underlying assets. Further, the video explains how crypto taxes work if you trade one crypto for another such as Bitcoin for Ethereum or Ethereum for Cardano.
CHAPTERS:
0:00 Intro
0:32 Are Cryptocurrencies Taxed?
1:15 HODLers: What if You Don’t Sell Your Crypto?
2:18 How Much Will I Owe in Capital Gains Taxes?
5:37 Trading One Crypto for Another
7:13 Staking Rewards
9:25 Can the IRS Track Crypto Activity?
10:33 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#crypto #cryptotaxes #ethereum #cryptocapitalgains
🙏 thanks. Why even do crypto 🤣
Who do you pay the taxes to? My account manager is having me send him the taxes and he is in another country.
If you pay the capital gains tax on it, do you still have to report it for income tax purposes?
CatSlap is hosting in-game events with real-world prizes, how cool is that?! 🐱🎁
Can you write off losses and there there a timeframe for that?
So what if your total income is under the standard deduction. Do you still need to file?
Can I take profit and invest in a tax incentive investment. Like, does the government incentive to buy commercial property mean I could use crypto profit to buy commercial property. So, that money won’t be taxed because I reinvested it?
I believe the RichDad podcast talked about that option at one time🤔
Thanks for publishing this! Hoping for some advice: My wallet on OKX has some Tether USDT, and I have the seedphrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How to handle moving them to Binance?
We shouldn’t be taxed at all. This is bull shit
So let say I made 12 million and want to buy a 4.5 million dollar house and like 500k in cars how would that work for taxes
Crypto should not be tax at all.
Hit $200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in few months back in 2024
Taxes is theft. We get taxed But it’s okay for United States to fail their audit. Where’s all that money going? I guess the people should really just stop paying
Dam government
I am here for Crypto tax expert Bro
MIND Of Pepe’s NFT drop will send prices soaring—don’t sleep! 🖼🚀
Brooo thanks so much
You never cash out.. bank will loan you money on the asset.. you think Elon musk sells tesla shares when he needs money… never sell!!
What do you think of cryptocurrency and crypto taxes?
Crypto is risky as many would say but I think the actual risk in Crypto is not investing, buying the capitulation isn’t a tough call, but it is a very tough call to figure out what to do aside holding. I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn’t understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time
Yeah this is robbery
I got a question. Once u sell at profit after holding for over a year, and it’s like still on the exchange and you haven’t withdrawn it to ur bank account. Than u open a revocable living trust and than cash out all your gains to that would that still be taxed? Because technically u can then pay yourself as a gift/donation into ur actual banking accounts from ur revocable living trust and not have to pay taxes right? Am i wrong here or missing something?
Are you guys joking or is it really that hard to see the obvious? Why is EVERYBODY so blind!!!!??? There are NO crypto laws!!!
Nothing about Crypto has been codified into the USC. Therefore! I the Eyes of the IRS, cryptos do not exist. Can you get a speeding ticket in Germany on Autobahn where there is no speed limit? (If anything, going too slow in the left lane like selfish f….s do in the USA.) The same thing with the cryptos. You can actually sue IRS for civil rights violation based on TITLE 18, U.S.C., SECTION 242 Ask Crypto Hulk…… He breaks it down easy to understand even for a 3rd grader.
It’s a bigger scam than you think. Crypto don’t generate money. You basically just take other peoples money like a pyramid scheme. So you take out 2000$. Someone put that 2000$ In and paid taxes on it. You take it out and pay taxes on it.
Solaxy is a groundbreaking move for sustainable blockchain explorers 🌿💡
The Biden administration has been out to temper and dismantle the crypto markets since day one. They implemented this to try and wrangle it in. With any luck Trumps admin will help resolve this madness and streamline how digital asset taxes should be taxed if at all. Wishful thinking we all know Uncle Sam and his cronies want their cut
Appreciate it for sharing! I need guidance: My Crypto Wallet contains some Tether, and I possess the SEED: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how to go about moving them to my Binance account?
So lemme see if I understand
1) if you’re crypto is up from what you bought it for, and you sell within 1 year you pay more taxes. Waiting more than 1 year means u pay less taxes on it, but only IF it’s still even up by then.
2) stakes that are recorded at the value u get them for, and if u sell then you pay short term taxes. but if you hold on and the stake appreciates in value then you have to pay long term taxes on the appreciated value minus the original value?
😂😂😂😂ima stick to the good ol American dollar.
Ffs this is all bs sorry to be so frank, im taxed at work, im taxed when i buy things, my house is taxed, they are taxing staking rewards when does it end ? What happened to the people that tossed tea for 2% i pay an effective 50% tax this is nuts i am just going to live off the system no more taxes 🤷🏼♂️
Appreciate it for sharing! I need advice: My Tron Wallet has some Tether, and I have the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way should I handle sending them to Binance?
thank you
Use a DEX
why is the tax rate so high in the US. Other countries have high tax, but they have free healthcare, free education, lots of public services and social programs.
USA has high tax, but no free healthcare, no free education, little social program, and almost all public services cost money. It’s corruption.
If I’m up 100k I don’t mind giving back 30k I’ll still have 70k to use but if not hold it and let it go back down and wait for next cycle for another pump
What stops people from selling their bitcoin in December, perhaps to a friend, for a very cheap price (ie at a loss). After all it’s our property we can sell it for whatever we’d like
Thank you for this!!
Incredible insights! Does anyone know how to recover USDT from SafePal using the seed phrase “obvious stay actor sunset unable assault hamster glory law cruise wire drip”? I can’t seem to withdraw.
i’m starting to learn about crypto and stocks and this video is really useful 🙂
Stop calling it taxes! It’s THEFT!! There are MANY ways to avoid paying these criminals. We need fiscal responsibility for the usA first!! a flat sales tax on goods. And yea dont buy your crypto on an exchange as they would be hard pressed to find it EVER
There is no such thing as holding for a year unless you are holding bitcoin
Do your crypto losses offset your gains, as they do in stock trading?
Cheers for posting! Looking for guidance: My wallet on OKX has some Tether, and I possess the recovery phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how can I go about moving them to KuCoin?
How about getting into a coin that hasn’t made it to the main net yet like PI Network? Right now PI Network is selling at $40+ but I never buy the coin I earned the coin on their platform. Once it launches to Main net all the coins I earn will be transferred to real coins. Is that taxable if I cash it out right then?
How long is the long-term taxes
How do these tax rules apply when you buy your crypto not in one single shot, but over a period of time? Say I purchased bitcoin in little bits over a 2 year period, and then decide to sell a percentage of it? When does the 1yr calculation begin for the short term vs long term tax rule decision?
The IRS was not designed to tax this type of technology, and that’s why it’s confusing af
Best Wallet Presale dapp browser running smooth af 🌐 ✨
I own my crypto inside a Self-directed Roth IRA.
The IRS is unconstitutional and needs to go away.