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.
For your crypto tax needs, check out Koinly:
Thanks to atomicsStar for editing this video:
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.
I won’t stop thanking him ☝️ Also.. all my hardship was ended within an hour .it was unbelievable when I saw the notification of 3.5btc in my coinbase. he’s my little God it’s a blessing to meet you 💯
Damn government want a piece of everything . Everything is a taxable event 🤮
You are now in my roll-a-deck…. have that phone handy!
It’s called a Rolodex
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.
What's the difference between the Koinly Free version vs the Paid version?
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.
You are way to Smart for me……. Keep it up max Great Content!!!!
Awesome video. I really need to get on top of this.
I love this video❤❤ Education is key and I learned a lot thank you
Where does it say that receiving crypto is a taxable event? I thought it was only taxable when exchanged for dollars
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
Great info thank you
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.
Awesome vid sir! Thank you🤘🤘🔥🔥
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
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 🍜🍜🍜🍜
The new effects on your videos look great max
Nice breakdown Max!
awesome vid Max Voltage i was actually just getting ready to set up my meeting with my CPA 😀 this will help!
360 days to christmas and you already decorated.?? Maan you must love christmas. 🙃 Interesting to hear how other countries does crypto taxes. Happy newyear
Great stuff thank you for this video! Much needed info!
your content keeps improving…well done Max
Risky Topic. Love it
Dang Good Video Bro!
Great video. My goal is start a Corporation for mining in the future. Canada has slightly different business structures.
If you mine personally (not a business) can you still expense power and GPU purchase costs?
Second