Crypto Tax AMA

This live-streamed AMA video aired on March 14, 2023. Hosted by Meta Mona, Clinton Donnelly answers the top questions this tax season, including how to account for crypto theft losses (such as FTX, Celsius, and BlockFi), how to handle NFT and Play2Earn tax calculations, and US expatriation options to reduce or eliminate your crypto taxes. #TaxesAreSexy

💎 Guest: Meta Mona
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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬

00:00 Introduction
05:30 How are cryptocurrencies taxed?
07:50 The Crypto Tax Amnesty Initiative
11:20 Accounting for gaming token gains
14:15 Calculating crypto gains and losses
22:15 Theft losses versus capital losses
26:15 Lack of access to transaction records
30:45 Expatriation and Plan B strategies
32:30 The Foreign Earned Include Exclusion (FEIE)
33:05 Calculating gains and losses using a Ledger
34:25 How to deduct losses when a stable coin depegs
35:00 Reporting assets on a cold storage device?
36:00 IRS Form 8638 on foreign assets held overseas
39:50 Binance locked me out of my account
41:30 Are exchanges required to provide Form 1099?
47:00 Advice to protect crypto traders
52:20 Difference between short- and long-term capital gains
53:15 Taxes are sexy

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

▬▬▬▬▬ SPONSOR ▬▬▬▬▬

🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.

Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.

Visit 👉 https://CryptoTaxAudit.com

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📜 Disclaimer
All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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