Cryptocurrency Explained: Avoid GIANT Unexpected Tax Bills on Cryptocurrency Trades [2021]
Channel: aantonop
Date: 2021-05-07

Wait, I have to pay taxes on crypto-to-crypto trades AND selling bitcoin, ethereum tokens, or other cryptoassets for fiat?!? Maybe. In many places, you owe taxes on the money you make from investments - yes, taxes on crypto investments. In the last bull market, lots of people got rekt because they didn’t know the basics about taxes and crypto investments. But you can learn from their mistakes! While Andreas isn't a tax professional, in this video he explains some of the ways people have gotten hurt in the past and how you can avoid those pitfalls. Watch this if you're planning to sell or trade bitcoin, ether, or any other crypto investment.

This isn't tax advice, Andreas is not a tax professional. If you're concerned about these issues (and you probably should be) then find an attorney or accounting professional in your area who can teach you about local laws that apply to you and your specific trading activities.

Chapters
0:00 Down The Rabbit Hole: Capital gains taxes
1:52 39.6% marginal tax for long term capital gains for people making more than a million dollars a year
3:12 How capital gains taxes work in the US
5:40 How marginal rates work
9:37 There is danger from getting a whole bunch of taxable events from trading
12:10 Knowledge is power

This video is an excerpt from the April 2021 Bitcoin and Open Blockchain Livestream Session. Watch the entire session here: https://youtu.be/vGuCz56ihb4 
Look at the chapters to skip to the question and answer YOU want to see most. 

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Taxes. Since cryptocurrency is global and borderless, it touches every tax system in the world. Many people who are just getting into trading don't understand taxes or the implications of how they might owe a lot of money. During 2017 and 2018, many people faced huge unexpected tax bills, the money they thought they made, they didn't really have. Watch this video to learn more about marginal tax rates, capital gains, and losses, and much more.

You can also learn from one of aantonop's many books. Andreas has written three technical books for developers about blockchain technology, Mastering Bitcoin, Mastering Ethereum, and Mastering the Lightning Network (2021) published by O’Reilly Media. He’s also written The Internet of Money Series books, which explain why bitcoin, ethereum, and open blockchains matter.

About aantonop: Andreas isn't promoting a company or an organization; he's paid by the community (people who support this work on Patreon and YouTube) and provides an unbiased look at open blockchain technologies, what they can do for our societies, and how to get involved (if you decide you want to). Learn more at https://aantonop.com


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