Crypto Taxes in 2020 | SEC Statements and How to Navigate Your Crypto Asset Filings
I clipped this 10 minute segment from the last LEO roundtable we recorded. We spent some time talking about crypto taxes, what they mean and how we navigate our own tax filings.
The official statements regarding crypto taxes in the U.S. have been sparse. The statements that have been made tend to confuse people.
There are many problems in the crypto industry right now and regulation has been a big one for the past several years since the crypto space really took off.
Now that the average person is starting to get into Bitcoin and cryptocurrencies, the inevitable questions about filing Bitcoin/crypto holdings, logging your transactions, keeping records of your withdrawals and sells is all bubbling up to the surface.
In the midst of all this, we’re experiencing a global economic meltdown and winding down from a full-blown stay-at-home order.
Needless to say, these are interesting times and crypto taxes are one of those things that many people are going to get tripped up with. This section of the podcast provided me with some clarity about my own tracking activities and how I need to proceed in the future when it comes to crypto gains and converting to/from fiat.
Full Roundtable Episode (1.5 Hours): https://leofinance.io/hive-167922/@khaleelkazi/srlcywwy
In This Episode:
- The latest SEC statements about crypto taxes in 2020
- What do filings look like if you’re selling crypto into USD to buy normal things like gas for your car or a cup of coffee?
- How would we file our personal taxes for crypto?
- Example situations for tax filings in 2020