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Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss and demystify the popular question: is crypto staking taxed? Matt outlines the recent Jarrett case that had plenty of crypto enthusiasts asking the question! Plus, Matt answers crypto tax questions from Reddit users: casualty losses, FBAR and FATCA, Roth IRAs, the Economic Substance Doctrine, how to handle 1099s, a potential (but unlikely) De Minimis, wash sales, fair market value versus zero cost basis for airdrops and NFTs, and more! Talk.Bitcoin.Tax
(01:55): The Jarrett Case’s Effect on Staking Taxes
(07:30): A New De Minimis Bill?
(10:05): The Current Status of Crypto Wash Sales
(14:53): Constructive Receipt – When Do You Own Airdrops?
(22:32): Are NFT Airdrops Reportable Income?
(24:42): Crypto Casualty Losses – Lost, Stolen, Hacked Crypto
(29:24): Dealing With 1099s From Crypto Exchanges
(38:05): FBAR and FATCA – How To Report
(Talk.Bitcoin.Tax) The IRS is enforcing the laws of cryptocurrency taxation more fervently than ever. Civil and criminal enforcement of cryptocurrency tax evasion is increasingly common due to the wide-scale participation of crypto exchanges, as well as increasingly powerful blockchain analysis tools.
Christopher Wajda, a former IRS ASAC (Assistant Special Agent in Charge) of the Criminal Investigation Division, and Alex Kugelman, a cryptocurrency tax controversy lawyer, join the show to discuss how the IRS is going about this enforcement and what can be done to avoid having a special agent show up at your door. Full episode @ https://talk.bitcoin.tax/an-irs-insiders-look-at-crypto-tax/
Episode Highlights
DeFi, or Decentralized Finance, has taken the crypto world by storm. DeFi isn’t necessarily new, but it’s popularity amongst investors has certainly skyrocketed.
Andrew Gordon, an attorney and CPA who concentrates on crypto and taxes joins the show to discuss the taxable implications of DeFi events. In this episode, we discuss how liquidity swaps, liquidity pools, crypto collateral, staking (including ETH2), and NFTs are likely viewed by the IRS and what that means for the taxes that investors could owe on these events.
More @ Talk.Bitcoin.Tax
Episode Page: DeFi and Crypto Taxes: Liquidity, Staking, and NFTs
Episode Highlights
Full-Service Crypto Tax Prep Service:
Ethereum 2.0 Tax Guide:
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