Tuesday Jan 31, 2023

Tax Season: What Crypto Investors and Tax Agencies Need to Know

Tax Season: What Crypto Investors and Tax Agencies Need to Know

This podcast is for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions.

If you want to make an active crypto trader nervous there are few things that work better than reminding them there are only 2 and half months left until the US Tax filing deadline. For most people a tax return is full of arcane and complex rules that you’re not quite sure if you got everything right, but for crypto investors the rules are being written and rewritten each year.

In this episode, Ian Andrews (Chief Marketing Officer, Chainalysis) had to bring Chainalysis’ in-house expert, Roger Brown (Global Head of Tax Strategy) to understand the tax principles that apply to crypto and how recreational users and institutional investors are managing bitcoin on their balance sheets. 

Roger informs us on the latest tax changes in the US and abroad and speculates on how many people are correctly reporting big crypto gains or losses. 

Minute-by-minute episode breakdown

  • (2:35) – How the ambiguity of the classification of Bitcoin, challenged traditional tax principles
  • (4:30) –Understanding tax law and foreign currency and where cryptocurrency fits in 
  • (9:15) – How countries around the world are taxing Bitcoin and cryptocurrency 
  • (13:07) – Are stablecoins treated as currency based on the assets backing them? 
  • (14:45) – Taxes may not being paid on massive crypto gains and how the IRS is reacting
  • (18:35) – Do crypto exchanges have reporting requirements for tax purposes to their customers
  • (23:16) - Tax strategies going from bull to bear markets and the impact on staking crypto 
  • (27:04) - What happens when your assets are locked in Celsius, FTX or the victim of a rug pull
  • (30:00) - The complexities of institutions and companies holding crypto 
  • (33:37) - The future of crypto taxation and what part regulators will play  

Related resources

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Speakers on today’s episode

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Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.

Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material. 

Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company. 

 

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