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welcome back to the world of cryptos and
welcome back to the crypto corner
today we're going to talk taxes yes i
know it's an ugly word
but it is an important word and so let's
talk taxes
year end is not far and so soon you'll
have to be doing your tax return
um and yeah let's take into uh take a
look into it
to see to explain to you what i'm
talking about
so we're in coin gecko and if i go
and click on d5 because a lot of us have
been involved in d5
the last four or five months seven days
then we've got here deforest token that
increased by 119
in the last seven days but decreased in
the last 24 hours by 10
and that happens across the board and so
that's why a lot of us have been trading
in and on
using um a lot of different
exchanges uh just to buy the latest
best and uh the coin that has got the
highest yield
and after a few weeks you lose track of
what you've done
a tax man is interested in that because
if you have something at least here in
the us
less than two uh 12 months
you have to pay capital gains a higher
rate of capital gains
taxes on on those gains and so
if we take a look into the tax return
that you have to fill out here in the
u.s you've got a line in here that says
at any time during 2020 did you receive
sell sent exchange or otherwise acquire
any financial interest
in any virtual currency so we did that
so we have to take yes
on the other hand the irs also knows
through companies like coinbase
that you acquired some tokens some coins
by buying them on their exchange
at the same time if you trade every time
you trade something doesn't matter if
it's with fiats or canadian dollar u.s
dollar
and a coin token uh it's a taxable event
so if you buy
a deforest token and you sell your
ethereum for that
that's a taxable event and so
um yes most of us will lose sight after
a few weeks because of the amount of
of trades that we're doing and for that
there's some fantastic websites
and one of them is called tracking dot
info
and in here you insert the coins you can
do that either automatically
by linking a website like coinbase to
coin tracking or by importing it you
know so you
generate is an excel spreadsheet and you
import it or
the worst case you enter the data
manually but that is a real
long process once you've got the data in
here you've got a fantastic
overview on where you made money where
you lost money on those coins
and more importantly for what we're
talking about today is the tax report
so you can generate the tax report out
of the data that you entered into the
system
according to the needs of the irs in our
case
in the u.s and you print it out and you
attach it to the 1040 form
and that's it um so yeah that's um
that's something that we highly
recommend when you're doing a tax return
try to simplify your life
and use tools like cointracking.info
to generate those those pesky reports
anyway that's it for me today it's very
short but i thought it was very
important because
we are now already late december and or
mid-december
and so it is important that you think of
your tax returns
so yeah i want to wish you all the best
and
thank you very much and as usual thank
you bye-bye thank you robert
just a reminder that we're not providing
financial advice but only sharing what's
happening in the cryptocurrency markets
always remember that the cryptocurrency
markets are ever-changing and
always volatile so only invest what you
can afford to lose
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you