Ephraim Olson, a US tax lawyer who specializes in crypto tax law, joins the show to discuss recent IRS guidance on crypto tax staking. The IRS releases sparse guidance on common crypto activities, like staking – oftentimes, this guidance fails to address nuance, and paints with broad strokes. Ephraim joins the show to present an alternate view on how crypto staking could potentially be treated in terms of taxation. More @ Talk.Bitcoin.Tax

Scams have always been prevalent in the cryptocurrency space, but they are becoming increasingly sophisticated. Alex Johnson, a lawyer with Kugelman Law, joins us to discuss a common sophisticated cryptocurrency scam known as “pig butchering”. Alex explains pig butchering scams in detail, and discusses potential taxable implications of falling victim to a scam. More @ Talk.Bitcoin.Tax

In November 2023, the cryptocurrency trading platform Kraken has started sending specific crypto user data to the IRS. Alex Kugelman, a crypto tax controversy lawyer, joins the podcast to explain who is being targeted, why, and what to do if you are someone who’s data Kraken is sharing with the IRS. Episode Link: https://talk.bitcoin.tax/kraken-sending-user-data-to-irs/ More episodes at: talk.bitcoin.tax

The IRS released Revenue Ruling 2023-14 which describes cryptocurrency staking as taxable at the fair market value on the date it was received. Matt Metras joins the show to break down what this ruling means for crypto traders and how it may affect their taxes moving forward.

First time guest Ephraim Olson, a US tax lawyer who specializes in crypto tax law, joins the show to discuss opinion letters. The lack of guidance in the crypto tax space often puts taxpayers in a difficult position. Without official guidance from the IRS, there are a range of crypto activities that would benefit from further clarity. Opinion letters are written by lawyers to take a specific position on crypto tax activity – Ephraim explains how these letters can benefit taxpayers and why more people should be educated about these letters as a potential option to utilize.

Welcome to the fourth episode of our multi-part series on crypto taxation. If you missed, or haven’t yet listened to our first three episodes, we covered the basics of crypto taxation, what is, and what isn’t taxable. Then, we explored like-kind, 1099s, and how to handle margin trading, staking, loans, and NFTs on your taxes. Our third episode reviewed all things crypto tax audits. In today’s episode we explore real-world crypto tax scenarios and how a seasoned crypto tax professional, Andrew Gordon, suggests handling those situations. Andrew discusses the biggest mistakes he has seen crypto taxpayers make, and lets our listeners know exactly how to prevent those mistakes. Episode Link: https://talk.bitcoin.tax/real-world-crypto-tax-scenarios/ (11:01): The biggest mistakes a taxpayer can make (15:01): How to minimize the fees you pay a crypto tax pro (16:10): Can you claim losses on shut down exchanges like FTX? (22:08): Is FIFO the only allowed calculation method?

Welcome to the third episode of our multi-part series on crypto taxation. If you missed, or haven’t yet listened to our first two episodes, we covered the basics of crypto taxation, what is, and what isn’t taxable. Then, we explored like-kind, 1099s, and how to handle margin trading, staking, loans, and NFTs on your taxes. Today’s episode covers all things cryptocurrency audit. Alex Kugelman, a cryptocurrency tax controversy lawyer, joins us to discuss the ins and outs of cryptocurrency audits, how to avoid them, and how to successfully navigate a crypto audit if you do find yourself as a target of the IRS. Episode link: https://talk.bitcoin.tax/crypto-audit-irs/ Timestamps (02:04): The causes and triggers of a cryptocurrency audit (06:36): What to expect in a cryptocurrency audit (18:25): Is the IRS treating transfers as taxable events? (47:30): How lenient is the IRS with their payment plans?

Welcome to the second of our multi-part series on crypto taxation. If you missed, or haven't yet listened to, our first episode, we covered the basics of crypto taxation, what is, and what isn't taxable In this next episode, we will be exploring more advanced aspects of cryptocurrency taxes, including: Review of basic crypto taxation and exactly where they are reported on tax forms (01:36) If you can you use a 1031 like-kind exchange (10:20) Receiving a 1099 from an exchange and what you should do (15:10) How you should report margin trading, staking and loans (23:30) What you should be aware with NFTs and minting (29:40) Episode Link: https://talk.bitcoin.tax/taxes-on-crypto-for-gains-income-margin-and-nfts/

Welcome to our new multi-part series on crypto taxation! Every week we’ll be exploring a different facet of cryptocurrency taxation. In the first part of this series, we are diving into the very basics of cryptocurrency taxation. We’ll be discussing what’s taxable, what’s not taxable, and where exactly everything gets reported on your tax forms. Full episode link: https://talk.bitcoin.tax/taxes-on-crypto-what-is-taxable/ In future episodes of this series, we’ll be discussing tax implication strategies in cryptocurrency, including long and short-term gains, tax loss harvesting, how you treat margin, futures, staking, etc. – all the popular types of cryptocurrency activity. Then we’ll be moving on to cryptocurrency tax regulations, past regulations, current regulations, where the future of regulations may go, and how that affects you as a taxpayer. We’ll discuss cryptocurrency audits, which are becoming more and more frequent every tax year. And finally, we’ll be discussing real and hypothetical cryptocurrency tax situations with tax professionals who have been in this space for years. You DO NOT want to miss this series – everything you need to know about crypto taxation will be answered. More Information (02:00): Which Types of Crypto Transactions Are Taxable? (06:56): How Do I Determine How Much To Pay On My Crypto? (27:54): Rapid Fire Rundown: Is It Taxable?

New information about how the IRS views crypto taxes is released very sporadically. In the first month of 2023, new IRS memos were released regarding crypto tax losses and crypto tax donations. Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss what these memos mean for crypto users and the crypto tax they will report to the IRS. In addition, Matt discusses the 2019 IRS Crypto FAQ and the 2021 Infrastructure Bill and the effects they are having in 2023 on crypto taxes. Talk.Bitcoin.Tax (02:00): The Infrastructure Bill and Crypto 2023 (08:00): The IRS FAQ and Specific Identifcation (14:05): What is an IRS Crypto Tax Memo? (15:10): IRS Memo on Crypto Tax Losses (i.e., Rug Pulls) (25:40): IRS Memo on Crypto Tax Donations (30:20): Cryptocurrency Question on Form 1040 Episode Page: https://talk.bitcoin.tax/how-the-new-irs-crypto-tax-memos-affect-you/