New IRS is Coming For Bitcoin & Virtual Currency (How is it Taxed?)



Avoiding taxable income from virtual currency can bring some serious consequences. If someone is paying you in Bitcoin you have to include it as a taxable event.
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Don’t be subject to penalties when you’re investing in cryptocurrency. If you own Bitcoin you have to report it.

If you receive a letter by the IRS regarding any virtual currency, it should be taken serious.

Learn more about Cryptocurrency taxes here
https://youtu.be/1OZd0oTQiwI

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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33 comments

  1. This is complete BS
    Trading currencies is not taxable
    Especially when you purchase a currency to protect you from a currency – the US $ that has destroyed it’s value.

  2. Mrs Sydney is legit and her method works like magic I keep on earning every single week with her new strategy,…

  3. The Silent One

    Funny someone wants to tax something that doesnt exist and they didnt create

  4. When cryptocurrencies decentralizes from the slavery system but tyranny chases it down.

  5. Since there's no 1099 reporting on bitcoin, this appears to be the honor system!

  6. Black Pill LoneWolf Thinker

    They want to control everone and everything

  7. If i bought bitcoin on cashapp, is that taxable? What can i do?

  8. Trevon James

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  9. Aarav Mohammed

    Amazing video! It just takes patience and perseverance to value the true nature of bitcoin. Price rocket up inconceivably bitcoin on its way to $20,000. If said this is to happen, it will be very unwise for you not to know how to increase your btc instead of just holdlin. I got this tips first hand from joe Morgan . He is always one step ahead of other traders , he fully monitored all my trades to avoid me making mistakes and losing my money . My earning has increased drastically from 2 Bitcoin to 9 Bitcoin in just 4 weeks and some days . I have full confidence in his trading abilities. You all can reach out to him through [<< telegram @joecrypto190>>🇮🇳

  10. Wayne Douglas

    People should look into Irrevocable, qualified Trusts for differed tax breaks and now Crypto. All you need is to generate a Trust Bank account under the name of the Trust…and you are the Trustee, Didn't Buffet say, "Own nothing but control everything?"

  11. zanana nolan

    Love the contents you portray on this channel mate kudos! With the price of crypto suffering a dip in market price level, the market norms is 'people would refrain from investing towards crypto for the time being; you'd agree with me that the contrary is seen in the market, I believe individuals are beginning to really grasp how the crypto market works(especially traders). Most traders are accumulating equities towards trading at a lower price, a smart move right? Though I remain unfazed, my trading guide Mr Bryant Miller has made me understand during my personal trading sections that a trader make gains regardless of the market price, and what's most important is getting a good signal service, the likes of which Mr Bryant and very few expert traders in the market can guarantee. Tyler has been instrumental to the successes I've been recording in my personal trading sections for the past 3 weeks now, for strictly crypto trading concerns Mr Bryant can be contacted via watsp (+1 253 231 7125 ) telygram @ bryantmillertrade

  12. I have a question I redeem a code for someone which was $520 and I had 570 b4 all this happen and so basically all total was 1090 but I already used my $570 that I put in along time ago and the $520 I sent back to him I just redeem it for him but does that mean I have to pay taxes for that ??

  13. Michael Peterson

    Thanks for this videos, it really helps 💓💓💯✅ I still feel the best way to make it big financially still remains in online investment mostly Bitcoin trading ever since the Covid-19 pandemic, however a lot of traders (newbies) has lost so much due to the fact that they traded with the wrong strategy/daily signals with low trading experience. For me, it's been a success story not just because i invested so much but making use of the right strategy/daily signals which was properly guided by a pro trader known as Bryant Miller. During my first 5 weeks of trading with Bryant's daily signals i was able to accumulate and grow my portfolio from 1.1btc to 6.8btc which you would agree is a very good profits. I will kindly advise we should grow the little we hold ahead of the major bull run, Bryant can be reach via Tele – gram @ bryantmillertrade or WhatsApp ( +1253231725 )signals for inquiries into profitable trading systems

  14. Weston Yoder

    I just want to use this medium to say a big thanks to James Carlson for guiding me through the cryptocurrency course. Few months ago I was in finical problems and issues from my work place recently someone mentioned about Mr James Carlson ..I tried my luck and contacted him and wow the first two weeks I'm already in control of $57,000 I found the course content to be extremely informative, I now know how to buy Bitcoin and how to research into gaining profits by trading. He was extremely patient with me and ensured that I understood each step before we moved on. I will have no problem referring friends and family to Mr James Carlson. To those that wish to do this course. Just mail him for any Trade issues and trust me he'll solve it and make you rich with his explicit signals and guidance WhatsApp +447476717980. Telegram @ {JamesC51}.

  15. StoyacLegend

    If I’m negative in bitcoin do I have to file taxes

  16. Miss Sincere

    I hate the IRS.

  17. SO….PRETTY MUCH THE WORLD IS SCREWED??

  18. OMG, dude, this is no difference then if you buy a used car from an individual and claim that the sale was $00.00 sale so that you do not have to pay any sales tax, so what? People put perhaps a lower sale amount on the receipt so that the buyer has to pay a lower amount in sales tax, but still everyone who buys something has to pay sales tax, so what? Again, all they're trying to do is say that Bitcoin is a valid form of currency and they just want their fair share of taxes on the sale. Can't blame the government for that and as I said earlier they are validating cryptos as a real currency.

  19. Dude! This is GREAT news for crypto's, because the government is actually acknowledging crypto's as actual transactable money. They're giving the same credibility as US dollars, rather than banning it.

  20. Benjamin Knotts

    This is why I hold

  21. Ok, if i exchange in other fiat beside dollars. are you being tax?

  22. Before this went into affect could you actually bought real estate or sold real estate and not pay capital gains?

  23. imajeff Smith

    If I grow my own little garden out back, am I supposed to pay tax on the produce I gain?

  24. No one pay taxes. Crooked ass governments

  25. Johnny Ginseng

    BS. Bitcoin and crypto is Not real money and is not taxable until you turn it into a fiat currency

  26. Angus Joe Johnson

    No, we gave them crypto being nice. Then they gave us something being nice. Not taxable.

  27. Gerald Alan May

    Fed taxes ONLY TO "subjects" (public officials, corporations, or by voluntarily consent [signature on 1040], and no one else!

  28. Seriously though, thanks for the heads up.

  29. gypsy American girl ranting

    what if someone asked me to buy for them is that illegal somebody said that they'll give me extra money if I buy Bitcoin for them can somebody tell me if that's a bad idea or not I don't know the person but he said he wants to help me I know it sounds sketchy but I lost my job and he's offering to pay me just to buy him these Bitcoins will I get in trouble

  30. What if I was gifted crypto from a program called Tipbot, would I have to claim it as well?

  31. Can I claim residency in my own tax exempt non profit?
    For example: If I buy undeveloped land as a 501c3 Environmental conservancy. (A nonprofit organization formed for the

    purpose of preserving the natural environment) , can I live there, and say it's my residency / home address?
    If so would I then need to pay property tax on the entire area of land? (East Bay Area California – Contra Costa County)

  32. Владислав Беккер

    Thank you, it was interesting! Pay attention to the PRIZM coin – a very good financial tool for increasing funds.

  33. Надежда Махнычёва

    It is very nice to get money on the passive, the number of PRIZM coins is growing in my personal wallet, and its growth rate depends on the structure involved.

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