The BitcoinTaxes Podcast

(02:04): The causes and triggers of a cryptocurrency audit

Welcome to our new multi-part series on crypto taxation! Every week we’ll be exploring a different facet of cryptocurrency taxation. In the first part of this series, we are diving into the very basics of cryptocurrency taxation. We’ll be discussing what’s taxable, what’s not taxable, and where exactly everything gets reported on your tax forms. Full episode link: https://talk.bitcoin.tax/taxes-on-crypto-what-is-taxable/

In future episodes of this series, we’ll be discussing tax implication strategies in cryptocurrency, including long and short-term gains, tax loss harvesting, how you treat margin, futures, staking, etc. – all the popular types of cryptocurrency activity. Then we’ll be moving on to cryptocurrency tax regulations, past regulations, current regulations, where the future of regulations may go, and how that affects you as a taxpayer. We’ll discuss cryptocurrency audits, which are becoming more and more frequent every tax year. And finally, we’ll be discussing real and hypothetical cryptocurrency tax situations with tax professionals who have been in this space for years. You DO NOT want to miss this series – everything you need to know about crypto taxation will be answered.

More Information

Kyle Mackenzie, a CPA, and the CFO and partner of the crypto division at Metrics Chartered Professional Accounting, joins the show to discuss all things crypto taxation in Canada. Kyle goes over the basics of Canadian crypto taxes, and runs through some of the more frequently asked advanced questions he encounters as well, including the tax implications of staking, bridging crypto, and ETH to ETH2 – plus, the CRA’s distinction between business and capital gains, superficial losses, and how both of these affect your bottom line. If you are looking for Canadian crypto tax guidance from an absolute pro, don’t miss this episode! Talk.Bitcoin.Tax

(03:31): The Basics – Buying Crypto, Selling Crypto, and Crypto to Crypto

(03:57): What are Superficial Losses?

(06:17): Business Income or Capital Gains?

(10:49): Crypto Staking

(12:12): Deducting Mining Expenses

(17:42): How The CRA Views Crypto Bridging and Swaps

Episode Page: https://talk.bitcoin.tax/canada-crypto-taxes-explained/

Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss crypto tax loss harvesting in the current bear market, touching on how to handle specific coins like LUNA. Matt also outlines the main points of the recent bi-partisan crypto bill: a De Minimis exemption on crypto spending, removing the tax on staking and mining rewards, and transferring oversight of crypto from the SEC to the CFTC. More info on Talk.Bitcoin.Tax

(01:36): Crypto Tax Loss Harvesting

(06:00): Harvesting Luna Losses

(09:34): The US Crypto Bill Explained

(10:25): Crypto De Minimis

(12:39): No More Mining and Staking Tax?

(18:34): The CFTC Regulating Crypto