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Unchained

241 EpisodesProduced by Laura ShinWebsite

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how cry… read more

1:15:30

Everything You Need to Know About Your 2020 Crypto Taxes - Ep.210

In this episode, Shehan Chandrasekara, head of strategy at CoinTracker, and Dan Hannum COO at Zen Ledger, take a deep dive into the world of crypto taxes. Over an hour and fifteen minutes they tackle a bevy of topics ranging from why the IRS is asking about your crypto history to explaining the proper way of reporting yield farming income. Shehan and Dan give up their hard-earned tax secrets and tips learned through building their respective cutting-edge crypto tax software. Here is a list of talking points covered in the discussion:

  • how the IRS is handling crypto this year (1:20)
  • where to start with reporting crypto and what constitutes a taxable event (5:59)
  • bitcoin corner cases:
    • mining, with a description of calculating cost basis (19:48
    • wages (27:01)
    • peer-to-peer transactions outside of exchanges (28:23)
  • defi and taxes:
    • yield farming — and how it's like Russian nesting dolls (31:45)
    • how the IRS taxes earned interest (36:32)
    • airdrops (40:15)
  • crypto transactions that are not taxable: purchases, withdrawals, and stablecoins (46:28)
  • navigating tax documents (51:24-58-10)
  • NFT’s and social tokens (57:14)
  • tax loss harvesting (1:03:09)
  • how having coins on platforms like Robinhood and Paypal can have an effect on your taxes (1:05:05)
  • proposed tax changes (1:06:50)
  • crypto tax software and tips for the upcoming year (1:10:29)

 

Thank you to our sponsor! 

Crypto.com: http://crypto.com

 

Episode links: 

 

Guests

 

Software

 

Accounting

 

Regulatory research:

 

Backstory:

 

Yield farming and social tokens:

 

Crypto tax guides

Nerd Wallet: https://www.nerdwallet.com/article/investing/bitcoin-taxes

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