Castoshi Episode 27 (a https://www.damex.io podcast)

Did you know that you could make millions of dollars gain in crypto, yet still be bankrupt? What!!!! Well, if you own more than a few thousand dollars in crypto then you need to get crypto tax advice today to make sure that this doesn't happen to you.  

In this episode Zubair talks to Micah Fraim of https://cryptotaxcpa.com/ and author of the book "Decrypting Crypto Taxes" about US tax law and crypto. Enjoy the episode!

00:00 Introduction to crypto taxes 

02:10 Explaining the book "Decrypting Crypto Taxes" 

03:00 Why the book is focused on USA crypto taxes 

04:34 How Micah got into crypto in 2017 

05:30 How Micah started to specialise in crypto taxes 

07:10 Crypto migration for non US citizens. Crypto tax rules keep changing in the west and backdating of tax rules 

11:45 Which crypto events are taxable under US laws? 

13:20 The IRS and congress is trying to delay rulings on crypto tax 

15:00 What should the US government do about crypto taxes? 

16:26 Can someone become owe tax money if they lose their crypto keys or wallet? 

18:25 What should people with only a few thousand dollars of crypto do about crypto tax? 

21:58 Should people with crypto leave the USA? (Puerto Rico is an option). What about the EU? 

24:40 What will happen to crypto tax laws globally? 

28:20 Should crypto be viewed as property or a security? 

30:10 Will large institutions invest in crypto ETFs? Getting to mainstream adoption 

35:01 Why there may be 25-30 million bitcoins out there that have been sold 

36:50 Did Voyager say they were FDIC insured when they weren't. The bad side of deregulation 

40:30 Utility based crypto projects 

42:00 cryptotaxcpa.com and how to use Micah's crypto tax planning services 

44:27 People who make huge profits with crypto and now owe more to the IRS than the value of their portfolio 

49:00 Ending