Paying Taxes on Cryptos & NFTs Explained

Over the last year or so we've seen people make millions of dollars with Bitcoin, NFTs, and all sorts of cryptos currencies. This video talks paying taxes on both cryptos and NFTs and what to look out for to make sure you don't overpay or underpay and have the IRS after you.

This video shows/talks about how to correctly classify your profits from NFTs and crypto currencies, what to look out for when it comes to reporting your NFTs gains, why it's important if you are day trading or not, and much more!

Thank you again to Shauna from @Tax Goddess - CPA Firm in Scottsdale for all her advice and tips when it comes to paying your fair share of taxes on your gains from NFTs and crypto currencies. Check out her channel at https://www.youtube.com/c/TaxGoddess

Timestamps
0:00 - Intro to Paying Taxes on Cryptos & NFTs
0:51 - Tips & Advice with Paying Taxes on NFTs
5:15 - Avoid Paying Taxes on Crypto Currencies
7:15 - What is a Day Trader for Crypto Currencies
10:19 - How To Report Crypto Interest for Taxes
10:41 - Crypto & NFT Tax Lost Harvesting
11:39 - How To Write-off Voyager & Celsius Funds w/ Bankruptcy
13:36 - Outro to Paying Taxes on Cryptos & NFTs

#TaxSavings #CryptoTax #NFTsTax #Cryptos #CryptoTaxes #Investing #TaxSavings #Bitcoin #BitcoinTax

~NFTs~
It's important to know if you are trading, collecting, or creating & selling NFTs. As mentioned in the video with Shauna, there's an artist out there usually made $30k a year in previous years, then made over $2 million last year creating and selling NFTs. If you are creating NFTs you are considered a business and can use the full tax code for business with write-offs your computer, office, supplies, etc.

Please make sure your CPA is aware if you creating NFTs and if they count it as long term capital gains, thinking that they will save you on a lot of taxes... most likely this will be a red flag for the IRS can cause an audit to occur and have them come after you for the full amount of taxes.

~Crypto Currencies (BTC, ETH, etc.) ~
For daily traders are also consider a business owner

Long holders are consider an investor and taxes at capital gains (about half the taxes vs ordinary income/ collectible income).

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