Hello everyone and welcome back to the show where we meet real people in crypto. People who are involved with some of the hottest projects out there and regular people just like yourselves. We want to hear your stories, so if you are interested in being on the show. Don’t forget to contact us through social media or email me directly. Welcome to the sixteenth episode of the Inside Crypto Podcast. This episode was recorded on October 27th 2021.
A quick note listeners. Amun has launched our new token PECO also known as the Polygon Ecosystem Index. Please do check that out at tokens.amun.com. It covers the top projects in the Polygon ecosystem and is a good way to get exposure to all the projects in a single token.
Today we are joined by Ryan Beals, a licensed CPA from Texas. He fills us in on what people in the U.S can do to save some money on their crypto-related- taxes before tax season in February of 2022. Crypto has been all over the news so there is no escaping it. If you do have crypto in your portfolio and you live in America then this is the episode for you.
Some of the Questions Asked Today:
So you talked about when you heard about crypto, what do you think of the state of crypto regulation in the U.S?
First of all, the IRS uses virtual currencies on their site. Are virtual currencies and crypto the same thing?
So if any of our listeners do have crypto in their portfolios, how should they go about reporting to the IRS?
What do they need to report? What they hold? Transactions? What happens if they have been reporting in previous years?
What is the best way to reduce your tax liability when it comes to crypto? Does it vary by state?
What about products in Defi where you earn triple digit apy’s in some cases. Do you have to report the interest there?
I’ll be linking this in the shownotes. Do you think the IRS’ guidelines on virtual currencies suffice: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
I think this is all pretty hard to understand?
Do most CPA’s have knowledge about this kind of stuff or should someone look for someone like you to help them out?
How do you see regulation changing in the future? How would you like it to change?