The internet is a sea of misinformation when it comes to crypto currency taxes. Every Reddit thread and news article espouses a different opinion. And it's no different when speaking to your crypto friends. Confusion reigns, and we know the feeling.
Luckily, we had an interview with Chris Kovalik, the CEO of Cointaxes to help answer some of your pressing questions. Cointaxes is an automated tax preparation software for cryptocurrencies. It's important our audience knows how to treat their gains.
Some questions you might be asking yourself are...
(1) Are cryptocurrencies taxed? Is the IRS expecting me to file my taxes?
(2) How and why are they taxed?
(3) What’s the difference between “personal use” and an “investment”?
(4) Are like-kind transactions not taxable or are they taxable?
(5) What about air-dropped currencies?
Find out the answer to these questions and more in today's video interview! It's slightly longer than normal, but you should have a pretty good idea of what you need to do by the time you finish lunch!