The Bad Crypto Podcast EP 756 - Urgent Crypto Tax Updates with Clinton Donnelly
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Dec 18, 2024 Clinton Donnelly, a Cryptocurrency CPA and tax regulations expert, joins the discussion to shed light on urgent tax updates impacting crypto holders. He emphasizes the need for proactive measures before the end of the year to avoid unexpected taxes. The conversation delves into the complexities of new IRS regulations, including the introduction of the 1099 DA form and strategies for managing crypto losses. Donnelly also discusses potential future trends in the Bitcoin market, predicting an exciting bullish trajectory.
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Urgent Crypto Tax Update
- US citizens involved in crypto should be aware of new tax regulations effective in 2025.
- Take action before the end of 2024 to avoid potential tax surprises.
Safe Harbor Allocation Plan
- Crypto holders need to sign up for a safe harbor allocation plan before December 31, 2024.
- This protects against retroactive tax changes based on new IRS guidance.
Year-End Crypto Inventory
- Take a snapshot of your crypto holdings on December 31st, including wallet locations and amounts.
- This helps map cost basis to actual inventory under new IRS rules.