Decrypting crypto taxes
Zubair Quraishi
CEO and developer of Yazz VisualJS. Opensource low code internal tools in Javascript
Did you know that you could make millions of dollars gain in crypto, yet still be bankrupt? What!!!! Well, if you own more than a few thousand dollars in crypto then you need to get crypto tax advice today to make sure that this doesn't happen to you.
I talked to Micah Fraim of https://cryptotaxcpa.com/ and author of the book "Decrypting Crypto Taxes" about US tax law and crypto. Enjoy the episode!
00:00 Introduction to crypto taxes
02:10 Explaining the book "Decrypting Crypto Taxes"
03:00 Why the book is focused on USA crypto taxes
04:34 How Micah got into crypto in 2017
05:30 How Micah started to specialise in crypto taxes
07:10 Crypto migration for non US citizens. Crypto tax rules keep changing in the west and backdating of tax rules
11:45 Which crypto events are taxable under US laws?
13:20 The IRS and congress is trying to delay rulings on crypto tax
15:00 What should the US government do about crypto taxes?
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16:26 Can someone become owe tax money if they lose their crypto keys or wallet?
18:25 What should people with only a few thousand dollars of crypto do about crypto tax?
21:58 Should people with crypto leave the USA? (Puerto Rico is an option). What about the EU?
24:40 What will happen to crypto tax laws globally?
28:20 Should crypto be viewed as property or a security?
30:10 Will large institutions invest in crypto ETFs? Getting to mainstream adoption
35:01 Why there may be 25-30 million bitcoins out there that have been sold
36:50 Did Voyager say they were FDIC insured when they weren't. The bad side of deregulation
40:30 Utility based crypto projects
42:00 cryptotaxcpa.com and how to use Micah's crypto tax planning services
44:27 People who make huge profits with crypto and now owe more to the IRS than the value of their portfolio
49:00 Ending