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Digital Asset Reporting 101: What You Need to Know | Teaching Tax Flow Ep. 137
Join tax expert Tynisa "Ty" Gaines, EA, as she breaks down the essentials of cryptocurrency and digital asset tax reporting. Learn how the IRS views digital assets, when transactions are taxable, and how to prepare for upcoming reporting requirements.
KEY TAKEAWAYS:
• Digital assets are treated as property by the IRS, not as currency
• Every sale, trade, or purchase using cryptocurrency creates a taxable event
• Cost basis tracking is critical - without it, the IRS assumes zero basis
• New 1099-DA reporting forms are coming for tax year 2025
• Even "innocent" transactions like buying coffee with crypto must be reported
EPISODE BREAKDOWN:
SPONSORED BY:
Wealth Builders Mortgage Group
Visit wealthbuildersmortgagegroup.com for specialized lending strategies for investors
4.8
1717 ratings
Digital Asset Reporting 101: What You Need to Know | Teaching Tax Flow Ep. 137
Join tax expert Tynisa "Ty" Gaines, EA, as she breaks down the essentials of cryptocurrency and digital asset tax reporting. Learn how the IRS views digital assets, when transactions are taxable, and how to prepare for upcoming reporting requirements.
KEY TAKEAWAYS:
• Digital assets are treated as property by the IRS, not as currency
• Every sale, trade, or purchase using cryptocurrency creates a taxable event
• Cost basis tracking is critical - without it, the IRS assumes zero basis
• New 1099-DA reporting forms are coming for tax year 2025
• Even "innocent" transactions like buying coffee with crypto must be reported
EPISODE BREAKDOWN:
SPONSORED BY:
Wealth Builders Mortgage Group
Visit wealthbuildersmortgagegroup.com for specialized lending strategies for investors
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