Unchained Everything You Need to Know About Filing Your 2022 Crypto Taxes - Ep. 453
Feb 7, 2023
Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, dive into the complexities of crypto taxes. They discuss the IRS's increased scrutiny on staking and NFTs, essential tax forms like 1040 and 8949, and common filing mistakes to avoid. The duo offers insights on tax implications for bankruptcies and strategies to simplify tax time. Plus, they tackle what creators need to know about NFT taxes and the effects of the Ethereum Merge on tax reporting.
AI Snips
Chapters
Transcript
Episode notes
Keep Records
- Keep meticulous records of your crypto assets, basis, and transactions across platforms.
- This practice enables effective gain/loss management, especially when dealing with multiple exchanges.
Avoid Cost Basis Neglect
- Track your cost basis diligently throughout the year, using crypto tax software if needed.
- Avoid assuming crypto's anonymity equates to invisibility to regulators; the IRS employs various tracking methods.
Theft Loss Deduction
- Consult a tax professional to explore the "theft loss deduction" if your assets were lost in a bankruptcy due to fraudulent activities.
- Bankruptcy itself isn't a recognized loss event; explore theft loss as a potential avenue.