Cryptocurrency Tax Misconceptions | Bitcoin and Altcoin Gains & Losses


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Don't let misconceptions about Cryptocurrency taxes get in the way of you making money on Bitcoin and Altcoins. There have been a lot of false rumors and lots of bad advice being cautioned in the comments that we wanted to address.

With 2017 taxes soon being due, and the IRS making some clarifications on cryptocurrency back in Decemeber, there is still a lot that you need to know to properly track your crypto investments and know what is and what isn't a tax liability.

I am not a tax professional, or a financial advisor so please consult with whoever you deem necessary to CYA when it comes to filing your own taxes. I just wanted to clear the air on some of the tota; BS I have seen people spouting out there.

Forbes Article:


Cryptocurrency Tax Misconceptions | Bitcoin and Altcoin Gains & Losses

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Created by Sara Bauer and Richard Abermann


  1. i drove a taxi for 15 years i did not ever pay or file a federal income tax. when you are filing a tax form that means you are commiting fraud and saying you are liable to pay that tax. now i wouldnt say dont file or dont pay i currently do pay income tax i would say study ask questions and draw your own conclusions.

  2. Altcoin Buzz yea man still never got the follow up to ur month long pick and HOLD video…. Even tho we know how it would be ended…. Not good

  3. Mistake #1 use Coinbase to buy, #2 send from coinbase(while GDAX is free)… The right way is earning crypto online, the way I do it, avoid KYC bs, trade on decentralized exchanges…

  4. does a pretty decent job tracking your gains and losses. They also generate some tax forms or tax form worksheets like the 8949 form.

  5. From what I understand for 2018 if you buy Eth for $1000 and a week later You use it to buy something else and the price of Eth is $1100. You have to pay tax on $100.

  6. bboyonnon just been careful when importing your information with an Excel or csv file. It messes things up a lot, so you have to manually adjust stuff.

  7. Wow, if the IS wanted to catch 100 tax evaders they just have to scroll through the comments on crypto tax videos lol

  8. THANK YOU, Steve! This the BEST explanation of the IRS hassle that I have heard. Back in the 1970’s my father-in-law was pretty much raped by the IRS over a major scam his accountant had done.
    When my father-in-law died in 1996, we found out that he had arranged to have “F*CK the IRS” on his headstone. 🤣

  9. The only misconceptions people have about tax is that it’s legit and lawful. Tax is nothing but Theft and Unlawful.

  10. cooldog60 “The only reason they exist is because the majority of people want it.”
    I have never met a single person who likes or supports the IRS lol

  11. I didn’t like cointracking. I had a hard time using it and it costed way too much for a smaller trader like myself.

  12. Yeah nobody likes it that is why they keep electing the same criminals in office. Ron Paul wanted to get rid of the IRS and the Fed. But no one liked him because he wasn’t promising any hand outs.

  13. US citizens, not just residents. You still have to report to the mighty IRS; I did when I taught in China. Living overseas though, you might not pay unless you earn over a certain threshold.

  14. GrandAdmiralGamez Thanks for clarification. I am not US citizen though and I wanted to highlight it doesn’t apply to other countries

  15. cooldog60 Ron Paul is my ninja. Got to see him live and up close here in my hometown. Ron Paul got robbed. 2012 was rigged. He had more support than anyone else. Romney was getting a couple hundred people at first at his rallies, while Ron Paul had sellout crowds at college auditoriums. Rick Sanitarium had 2% or so polling before Iowa and Ron Paul was at 35-40%, waaaay in the lead. Yet, Santorum wins? Then they conned everyone in Maine. Ron Paul was about to steamroll and be the nominee. They rigged it

  16. Paying taxes is voluntary… If you never cash out I don’t see how they will ever know. You don’t have to use banks to cash out anymore as well, if you do your research.

  17. Kryptonite: Indeed, these people use the benefits of modern societies and are unhappy at the costs of such things. Sure, the system in not perfect, but these people presume that all of the social programs/works just fall out of the sky.

  18. If you keep your records straight, that would be the case. You must submit the initial investment on your tax records.

  19. As long as you use none of the things paid for by taxes you’re right. Otherwise you’re bullshit.

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