Top 4 Questions about Crypto/Mining TAXES



What question didn’t I answer. Please leave your questions and comments below.

Sorry, the link to Koinly did not work in the video. Didn’t realize you needed to be in the YouTube Partner Program in order to use that feature.

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Thanks to atomicsStar for editing this video:

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29 thoughts on “Top 4 Questions about Crypto/Mining TAXES

  • April 5, 2022 at 8:22 pm
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    I mine directly into nicehash. I can generate a report then import that data. Question: what allotment of the year do I report on? I started mining 9/23/21. What time slot do I report for this tax year? From what date to what date do I generate the report from? Thanks.

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  • April 5, 2022 at 8:22 pm
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    I wonโ€™t stop thanking him โ˜๏ธ Also.. all my hardship was ended within an hour .it was unbelievable when I saw the notification of 3.5btc in my coinbase. heโ€™s my little God itโ€™s a blessing to meet you ๐Ÿ’ฏ

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  • April 5, 2022 at 8:22 pm
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    Damn government want a piece of everything . Everything is a taxable event ๐Ÿคฎ

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  • April 5, 2022 at 8:22 pm
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    You are now in my roll-a-deck…. have that phone handy!

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  • April 5, 2022 at 8:22 pm
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    Exchanging crypto would be no different than exchanging fiat money from a US dollar to a Canadian dollar. Exchanging money is not a taxable event necessarily.

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  • April 5, 2022 at 8:22 pm
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    What's the difference between the Koinly Free version vs the Paid version?

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    • April 6, 2022 at 10:05 am
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      The Koinly free version gives you the chance to use pretty much every feature they have available with up to 10k transactions, except for actually providing the final tax report/custom file importing/cost analysis/email support. Aside from that you have access to a large list of tools and options to get your taxes calculated and see if Koinly is the right service for you.

      Reply
  • April 5, 2022 at 8:22 pm
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    You are way to Smart for me……. Keep it up max Great Content!!!!

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  • April 5, 2022 at 8:22 pm
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    Awesome video. I really need to get on top of this.

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  • April 5, 2022 at 8:22 pm
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    I love this videoโคโค Education is key and I learned a lot thank you

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  • April 5, 2022 at 8:22 pm
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    Where does it say that receiving crypto is a taxable event? I thought it was only taxable when exchanged for dollars

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    • April 6, 2022 at 10:35 am
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      If you are receiving crypto it would likely be marked as a gift. Depending on where you live different countries treat taxation on gifts different. For me (residing in Canada) I was able to label a gift from brother as tax free because of the laws on it here. If you were interested in seeing how, I did it through Koinly using the walkthrough link below. In regards to the second part of what you said though you are correct any sell/trades/etc results in a taxable event.

      https://help.koinly.io/en/articles/4752443-how-to-label-a-tax-free-gift-to-spouse-partner-friend

      Reply
  • April 5, 2022 at 8:22 pm
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    Great info thank you

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  • April 5, 2022 at 8:22 pm
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    I was approaching this as a hobby. Based on your vid I'm going to transfer everything to my S-Corp. Thanks so much for your insight.

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  • April 5, 2022 at 8:22 pm
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    Awesome vid sir! Thank you๐Ÿค˜๐Ÿค˜๐Ÿ”ฅ๐Ÿ”ฅ

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  • April 5, 2022 at 8:22 pm
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    my mother is my accountant, I am going to have to teach her how to help me do my taxes this year… probably gonna show her this video <3 thank you sir

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  • April 5, 2022 at 8:22 pm
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    Awesome was hoping you would do a couple videos before tax time , all this information makes more sense coming out of your mouth vs reading it somewhere ๐Ÿœ๐Ÿœ๐Ÿœ๐Ÿœ

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  • April 5, 2022 at 8:22 pm
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    The new effects on your videos look great max

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  • April 5, 2022 at 8:22 pm
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    Nice breakdown Max!

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  • April 5, 2022 at 8:22 pm
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    awesome vid Max Voltage i was actually just getting ready to set up my meeting with my CPA ๐Ÿ˜€ this will help!

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  • April 5, 2022 at 8:22 pm
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    360 days to christmas and you already decorated.?? Maan you must love christmas. ๐Ÿ™ƒ Interesting to hear how other countries does crypto taxes. Happy newyear

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  • April 5, 2022 at 8:22 pm
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    Great stuff thank you for this video! Much needed info!

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  • April 5, 2022 at 8:22 pm
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    your content keeps improving…well done Max

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  • April 5, 2022 at 8:22 pm
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    Risky Topic. Love it

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  • April 5, 2022 at 8:22 pm
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    Dang Good Video Bro!

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  • April 5, 2022 at 8:22 pm
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    Great video. My goal is start a Corporation for mining in the future. Canada has slightly different business structures.

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  • April 5, 2022 at 8:22 pm
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    If you mine personally (not a business) can you still expense power and GPU purchase costs?

    Reply

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