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Why are crypto taxes still so complicated? - Episode 348 - by cryptohunt.it
Manage episode 353897392 series 3330746
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Why are crypto taxes still so complicated?
Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English.
The new year is well underway and many people who were dabbling in crypto last year are already dreading THAT moment: When they have to file the hated tax return. The reason: Crypto taxes are still super complicated.
In fact, the rules are seemingly different country by country, and - in some cases like the US - even state by state. And while we are not here to explain them all to you – you’ll have to hire a duly licensed professional for that – we can shine a little light on why things are such a mess.
And there are two reasons, actually.
The first is that many tax authorities have no real idea on how to treat anything from cryptocurrency purchases to NFT flipping. They don’t even know what these things are - property like real estate, securities like stocks, or commodities like gold. And so - with a lack of clarity and regulation, it’s often up to you to decide how to treat these things.
Secondly, and this is somewhat worse, even if you had clear rules, the way that crypto works can create massive headaches. The goal, of course, is to create alternative financial systems. But that also means that money moves much faster, and more often. Some people can find themselves accidentally creating hundreds or even thousands of separate taxable transactions because code traded on their behalf.
Writing all that down, and filing reports can be a nightmare. Luckily, there are tools out there that can automate the job for you. And while they usually cost a little money, it may be worth knowing that you can sleep tight instead of turning over paperwork for days.
And before you listen to the next podcast after this: Why don’t you recommend this podcast to one of your friends. It helps us a lot and maybe your friends thank you later as well!
This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3.
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