Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a heads up: This interview is meant for informational purposes only and should not be construed as financial or tax advice.
Show highlights:
- what’s new this year when it comes to reporting crypto transactions
- why staking is now firmly on the IRS’s radar
- how capital gains tax works for crypto
- the types of crypto transactions that are taxable as income
- the five situations where a crypto user incurs a taxable event
- the types of crypto activity that are not taxable
- what crypto holders can do to make tax time easier
- the IRS forms you need for various types of crypto transactions
- typical mistakes that crypto users make when it comes to filing their taxes
- why there’s not much you can do if you have assets stuck in Voyager, Celsius or other bankrupt crypto firms
- why you might consider arguing a “theft loss deduction”
- what to know about the Ethereum Merge as it relates to taxes
- things NFT creators should be aware of during tax time
- how the U.S. tax system can or cannot be applied to DeFi
- what tax forms you can expect to receive if you’re a Coinbase customer
- how corporations holding crypto may soon see favorable changes to current accounting rules
- why $5,000 is a key threshold for crypto donations
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Previous coverage of crypto taxes on Unchained:
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Shehan:
Lawrence:
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