Paying Taxes on Cryptos & NFTs Explained

2 years ago
96

Over the last year or so we've seen people make millions of dollars with Bitcoin, NFTs, and all sorts of cryptos currencies. This video talks paying taxes on both cryptos and NFTs and what to look out for to make sure you don't overpay or underpay and have the IRS after you.

This video shows/talks about how to correctly classify your profits from NFTs and crypto currencies, what to look out for when it comes to reporting your NFTs gains, why it's important if you are day trading or not, and much more!

Thank you again to Shauna from @Tax Goddess - CPA Firm in Scottsdale for all her advice and tips when it comes to paying your fair share of taxes on your gains from NFTs and crypto currencies. Check out her channel at https://www.youtube.com/c/TaxGoddess

Timestamps
0:00 - Intro to Paying Taxes on Cryptos & NFTs
0:51 - Tips & Advice with Paying Taxes on NFTs
5:15 - Avoid Paying Taxes on Crypto Currencies
7:15 - What is a Day Trader for Crypto Currencies
10:19 - How To Report Crypto Interest for Taxes
10:41 - Crypto & NFT Tax Lost Harvesting
11:39 - How To Write-off Voyager & Celsius Funds w/ Bankruptcy
13:36 - Outro to Paying Taxes on Cryptos & NFTs

#TaxSavings #CryptoTax #NFTsTax #Cryptos #CryptoTaxes #Investing #TaxSavings #Bitcoin #BitcoinTax

~NFTs~
It's important to know if you are trading, collecting, or creating & selling NFTs. As mentioned in the video with Shauna, there's an artist out there usually made $30k a year in previous years, then made over $2 million last year creating and selling NFTs. If you are creating NFTs you are considered a business and can use the full tax code for business with write-offs your computer, office, supplies, etc.

Please make sure your CPA is aware if you creating NFTs and if they count it as long term capital gains, thinking that they will save you on a lot of taxes... most likely this will be a red flag for the IRS can cause an audit to occur and have them come after you for the full amount of taxes.

~Crypto Currencies (BTC, ETH, etc.) ~
For daily traders are also consider a business owner

Long holders are consider an investor and taxes at capital gains (about half the taxes vs ordinary income/ collectible income).

--------------------------------------------------
If you enjoyed this video and want to support me please leave a LIKE, write a comment on this video, and share it with your family/friends. Subscribe and click the 🔔 icon for notifications to follow me on my journey to financial freedom!

Useful Links:
⚠️Subscribe on Youtube https://www.financial-tutor.com/Subscribe
👨‍💻Website link https://www.financial-tutor.com/
💰Monthly Side Hustle Report Blog https://www.financial-tutor.com/side-hustles
🎙Side Hustle Review Podcast https://www.financial-tutor.com/Podcast
📬Contact us https://www.financial-tutor.com/Contact

Free Money Links:
🐮MooMoo (5) Free Stocks https://www.financial-tutor.com/MooMoo
🐂Webull (2) Free Stocks https://www.financial-tutor.com/Webull
🏦$25 BTC Voyager (Crypto Interest) https://www.financial-tutor.com/Voyager
💵$25 BTC Crypto.com (Crypto Interest) https://www.financial-tutor.com/Crypto
🌰 $5 free with Acorns https://www.financial-tutor.com/Acorns

Social Links:
📲Tiktok https://www.financial-tutor.com/TikTok
📸Instagram https://www.financial-tutor.com/Instagram
⌨️Twitter https://www.financial-tutor.com/Twitter

Additional Links:
☎️Schedule Video Chat Consultation https://www.financial-tutor.com/1-on-1-Call
📹Camera Equipment https://www.financial-tutor.com/Amazon
📚Favorite Finance Books https://www.financial-tutor.com/Amazon

👨‍⚖️Liability Disclaimer:
I am not a financial advisor. Videos are not financial advice. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. https://www.financial-tutor.com/disclaimer

Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions help fund videos like this one.

Video tags (please ignore)
side hustle, passive income, make extra money, ways to make extra income, ways to make extra

Loading comments...