It's time to answer your crypto tax questions: an experienced tax advisor joins us for a Q&A. Finally someone explains in simple terms the complicated problems of crypto taxation in the US.

In this easy-to-understand Q&A session with our expert, Ben from CryptoTaxAudit, we explore different crypto tax situations. We cover topics like calculating capital gains, dealing with lost assets in failed exchanges, and understanding the tax impact of activities like wrapping tokens, NFT minting, and mining.

We also discuss the importance of planning for taxes, especially in the volatile crypto market. Whether you’re a seasoned investor or new to crypto, this video gives you the essential knowledge to handle crypto taxes confidently! 🚀📊💰

Timestamps:
00:00 Introduction
02:59 Taxation on Crypto Portion Sales: How is cryptocurrency taxed when you buy it multiple times and then sell some of it?
04:12 Alternative Crypto Tax Calculation Methods in the US: Should we try a different way to calculate taxes than FIFO? When would that be a good idea?
09:22 Tax Reporting on Non-Centralized Exchange Transactions: How are taxes reported when you buy or sell crypto outside of big exchanges like Coinbase?
13:41 Taxes on Lost or Stolen Crypto Assets: What happens if you lose your crypto because a company goes bankrupt, like FTX?
17:23 Disclosure of Wallet Addresses: Do you have to tell the IRS about your crypto wallet? Can they make you do it?
20:53 Crypto Taxes on Wrapped Tokens: How does wrapping tokens affect your taxes?
22:42 Treatment of Crypto Assets Exchanged for Real-World Items: If you bought Bitcoin two years ago and traded it for a car worth less than what you paid, can you claim a loss?
24:11 Taxes on Token-Generating NFTs
25:05 Deductions for Crypto Mining Expenses in the US: How do miners account for their expenses like electricity and computer parts?
27:43 Tax Deadline Extension: How do I apply for a tax deadline extension? Do I have to do it before the original deadline? Can anyone do it or are there any restrictions?

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