New Crypto Taxes Explained For Beginners 2021 | Cryptocurrency Taxes

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Crypto Taxes | Taxes on Cryptocurrency for Bitcoin and Altcoins

Here are links for sites that will convert your crypto trades to IRS Format or integrate with your tax software:

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Bitcoin Tax: http://bitcoin.tax/clearvaluetax
Crypto Trade: http://cryptotrader.tax?fpr=46b4e
Token Tax: https://tokentax.co?via=clearvaluetax

Welcome to our video about crypto taxes. We’ll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes and crypto. If you have been using Coinbase and have been dealing with bitcoin or any other cryptos, then this video will help you with your btc reporting requirements for your cryptocurrency transactions on your tax return.

Your brokerage, such as Robinhood, may provide a 1099-B where the cryptocurrency tax information is very nicely presented to you. However, if the brokerage you utilize is no US tax reporting friendly, then you will be best off with a crypto tax software to help you prepare the crypto tax form or the necessary forms required.

We hope this video aids you in bitcoin tax and coinbase taxes and also with your crypto tax rate. You need to know and understand the difference between long-term capital gains tax rates and short-term capital gains tax rates. This is very important to knowing how is crypto taxed.

And a lot of people ask do you pay taxes on crypto. It depends if you have a taxable event. For example, if you trade ripple for ethereum, yes, that’s a taxable event. That is something you need to input into TurboTax or H&R Block tax software or TaxAct. Turbotax cryptocurrency reporting will require you to populate the Schedule D. Well, that’s really Turbotax crypto or all major crypto tax software brands for crypto tax reporting purposes.

We hope this helps with your question about bitcoin tax and about crypto taxes explained in general.

Thank you for all your support! Please check out our other videos about investing in the stock market and in cryptocurrencies.

If you would like to join us in the stock market, you can get started on Robinhood and by using this link, you’ll get bonus stock to get you started: https://robinhood.c3me6x.net/2nRjO

If you would like to get started in cryptocurrencies, you can sign up for an account here on KuCoin: https://www.kucoin.com/ucenter/signup?rcode=2MPr3rr&lang=en_US

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If you would like to get started with bitcoin or cryptocurrencies check out KuCoin:
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https://www.anrdoezrs.net/click-100154634-13906760

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ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!

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35 comments

  1. The taxation on profits may differ because what is considered "profit"" should account for expenses. There are fees and costs associated with transactions on exchanges like Coinbase. Therefore what you called a $50,000 profit (buy BTC at $10k and sell at $60k) is actually not accurate. It's $50k less whatever costs and fees are associated with that transaction. Correct? I didn't phrase it as a question but it was meant to be a question. Sorry about that.

  2. what an informative video. i should have known this channel so i should have not done the reseach

  3. For crypto or stock losses, do they reflect on the 1099 B automatically that we get from the brokerage?

  4. What if we just didnt pay taxes. Would the government arrest all of us? I mean they let rioters loot and burn down businesses for about a year now so seems pretty messed up I should pay for government protection when I have none

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  9. The world is changing! I'm glad to be part of that. The crypto has made so many millionaires already. It is the evolution of money. Thanks for making this informative video I just subbed 👌

  10. Thank you for your time and your clear information, could you please make an video about TFSA account ? Like how much we should hold the stocks and how we use it.

  11. Watched the first 2 minutes of the video and immediately knew I needed a cup of coffee to see the whole video. Thanks for this upload, really helpful.

    Cheers.

  12. What if I received some bitcoins from others and sold it. Will it be taxed?

  13. So if I was to buy 1 ETH at 100$ and it went to 1000$ over 6 months and I traded it to BTC and held it for 6 months to 2000$ does that equal a year of holding or is that considered selling my ETH and is taxed as a short term investment?

  14. Sir, does swapping Ethereum coins for other coins constitute a sale of the Ethereum coins, or does the sale take place when the other coins are sold?

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  18. I love you always 💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟💟

  19. Daddy 🤩🤩😍🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍🤩😍😍🤩😍😍🤩😍🤩😍🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍🤩😍🤩😍🤩🤩🤩🤩

  20. How's about if I invested crypto with 10k$, then I earned 260k$, finally I lost 60k$(in the 260k$ total) which means I had 200k$. do I still not lose money??

  21. with the number 6 answer, I believe I'm gonna pay for tax in pro.coinbase in 2021 though. OMG!!!!!!

  22. 💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕💕

  23. 💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘💘

  24. 💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙💙

  25. 💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋💋

  26. Baby please don't forget about me baby 💜 💜 💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜 💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜💜

  27. I miss you already baby 😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍😍😍😍😍😍🤩😍😍😍😍🤩🤩🤩🤩😍😍🤩😍😍🤩😍🤩😍😍🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍🤩🤩🤩🤩😍🤩 🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍😍🤩😍😍🤩😍😍🤩😍🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍🤩😍😍