Unchained Everything You Need to Know About Filing Your 2022 Crypto Taxes - Ep. 453
Feb 7, 2023
Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, dive into the complexities of crypto taxes. They discuss the IRS's increased scrutiny on staking and NFTs, essential tax forms like 1040 and 8949, and common filing mistakes to avoid. The duo offers insights on tax implications for bankruptcies and strategies to simplify tax time. Plus, they tackle what creators need to know about NFT taxes and the effects of the Ethereum Merge on tax reporting.
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Answer the Crypto Question
- Accurately answer the updated crypto question on the 2022 tax form.
- This question now encompasses digital assets, including NFTs, broadening its scope.
Staking is on the IRS Radar
- Staking rewards are now firmly on the IRS's radar.
- The IRS added staking to its website and the crypto question, signifying increased scrutiny.
Crypto as Property
- Crypto is viewed as property by the IRS, triggering capital gains or losses when sold, traded, or exchanged.
- Capital gains taxes on crypto are separate from ordinary income taxes, like wages.