Protect Your Gains in 2021 (BEST Plan for Crypto Taxes)
Crypto tax mistakes and underreporting are real. Today, we’re going to talk about some of the most important crypto tax laws. We’ll help you avoid cryptocurrency tax penalties as well as avoid overreporting. We’ll also tell you how you can get some help organizing your crypto taxes with our pals over at TaxBit.
The US government views cryptocurrency as property, meaning they tax it in that way. It matters how long you hold your cryptocurrency for in terms of how the government will tax it. Your crypto will be taxed as a long-term capital gain if you hold it for more than one year, or it will be taxed as a short-term capital gain if you hold it for less than a year. Find out how to do crypto taxes the RIGHT WAY, so that you keep the most money in your pockets. We’ll go over all of the taxable cryptocurrency transactions, and what you should be aware of when it comes to crypto and Bitcoin taxes.
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4:42- Selling Crypto for Cash
4:59- Converting between Crypto
5:20- Buying with Crypto
5:45- Non-Taxable Crypto Transactions
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All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice.