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LIVE Interview Crypto Tax Expert- Scott Lovingood

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My NEW Udemy Course Is now LIVE!: $12.99 : https://bit.ly/2KrxpQx LEARN ABOUT CRYPTO IN MY UDEMY COURSE: $10 https://tinyurl.com/CCudemyBeg Buy Profit Trailer here: https://tinyurl.com/CCProfitT Click SHOW MORE, for more links. Get $10 in Free Bitcoin joining Coinbase: https://tinyurl.com/CrowCbase Crypto Crow Meetup at World Crypto Con in Las Vegas http://worldcryptocon.co/cryptocrow Oct 31-Nov 2 2018 Support The Crypto Crow and Learn Exclusive Tips? https://www.patreon.com/cryptocrow https://TheCryptoCrow.com - Forums http://JasonAppleton.com - Crows Website ###### PROFIT TRAILER ######## Buy Profit Trailer here: https://tinyurl.com/CCProfitT Buy PT Feeder: https://tinyurl.com/CCFeeder Download My Settings FREE: https://thecryptocrow.com VPS Server: https://tinyurl.com/CrowVPS Profit Trailer Tracker: https://tinyurl.com/CCPtracker ########USEFUL LINKS###### Exenium Exchange: https://tinyurl.com/CCexenium CEX Exchange: https://tinyurl.com/CrowCEX Dropil Trading Bot: https://tinyurl.com/CCdropil The Best Crypto Trading Tool https://tinyurl.com/CCcoinigy Setup Your Binance Exchange Account: https://tinyurl.com/CCbinance Coin Tracker to Help Track It All For Taxes: https://tinyurl.com/CrowTracking ###### SOCIAL MEDIA ####### I AM NOT A FINANCIAL ADVISER - NOTHING WITHIN THIS VIDEO OR ON MY SITES SHOULD BE CONSIDERED FINANCIAL ADVICE AS ITS ALL A MATTER OF PERSONAL OPINION ONLY. WHAT WORKS FOR ME TODAY MAY NOT WORK FOR YOU TOMORROW. Crypto Crow Merchandise: https://tinyurl.com/CrowMerch CryptoCrow Telegram: https://t.me/cryptocrowgroup CryptoCrow Facebook: https://www.facebook.com/cryptocrow/ CryptoCrow on InvestFeed: https://www.investfeed.com/CryptoCrow I am a cryptocurrency investor. I am an advocate of the revolution of disruption we are experiencing as history unfolds before us and the technological advancement it brings. Having been self-employed the majority of my life, I have worn the hats of many and have learned a great many lessons in the process. Spending my life searching for my reason for being here, finding my passion and drive, after all that I have accomplished, cryptocurrency has answered many questions. I have established an impeccable track record for producing high returns on my crypto investments and took to Youtube to share my processes, thoughts and methods to help others achieve what I have thus far. I also have a platform in development called http://MoonRunner.io to help ICO and crypto investors manage multiple portfolios for themselves, friends, family and other investors. Thank you for joining me in my mission to establish true financial independence outside of the 9-5 grind that we have all been trained to accept since birth. It’s a new age, remember to Crow Your Coins and do your homework. We are just getting started. Sincerely, The Crypto Crow https://tinyurl.com/cryptocrow
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Text Comments (183)
Formulator S (1 month ago)
Luke Kramer (3 months ago)
Did they ever mention LIFO vs FIFO? can we do either?
Jesse Bolado (4 months ago)
Flat sales tax is the best way...So simple
Thy Nguyen (4 months ago)
please help me answer these scenario 1) if this guy start with 1btc and do exchanges and made a profit of 2btc.. total up to 3btc, say he delete the exchange he use (binance) to hide the history of his exchange because he doesn't want to pay tax. Can the IRS find out his exchange report ? 2) if this guy has 3btc and he let someone use his account in a non-tax crypto country to withdraw money and let them send him the money using paypal or western union. What can the IRS do in this situation, can the IRS find out and will he be in trouble?
Andrew Rico (4 months ago)
omg....im just building a web app to keep track of the whole thing.
Jesse Bost (4 months ago)
Only took me a week to get through this video. Gonna put it in a folder in Gmail and see where I am next year. I doubt it, but hopefully, the IRS will get its head out of its ass and develop a simpler solution for Cryptos.
Jack Lively (4 months ago)
Hulk smash!!! On the like button! Great video, Crow!
WayToo Zooted (4 months ago)
Hands down the most informative video watched regarding crypto thank you for putting this interview together.
Lazy.Ass.Ninjas (4 months ago)
I have worked with numerous tax attorneys and "like kind exchange" positions are strategies that they have taken with success in actual cases. However, in the future, they are not confident that it will continue to have that same success.
I wonder were is the jurisdiction? I see it when you cash to USD but I don't see it when you exchange your no registred property. No license, no permit, no registered NO JURISDICTION.
Robert Tudor (4 months ago)
Im more confused than ever !!!!
Annukie e (4 months ago)
Thanks for this. If you have a big tax bill, look into approved 501(c)(3) organizations and think we can donate 50% of the taxes due to these organizations. I'd rather give 50% of the money to an approved homeless shelter then 100% to the government. Check with your tax agent, didn't sound like donations to 501(c)(3) was covered in this video.
Mike Anjorin (4 months ago)
alot of good info here
Jacki Farias (4 months ago)
how much you have to pay if you just hold the coin lets say for 5 years and and never sell a single coin in the 5 years?
Benjamin weber (4 months ago)
Say that you buy and hold crypto. Do you have to pay property tax on it for the year or no? I read somewhere that you would still have to pay property tax (based on your state, like 1.5% etc.) on crypto you held, even if you never sold it that year. And then once you sell it you count it as income if it's less than 12 months, and count it as capital gain if it's 12 months or longer. Please correct me if I'm wrong. Maybe it was a bill that wasn't passed yet. I'll have to search for it to see if I can find the source again.
Toni Ling (4 months ago)
Oh man, my head is spinning
Serge Pajcin (4 months ago)
hahahhahahah irs people scare to death no guts no glory
acmv975 (4 months ago)
Fantastic video. For those of us who are familiar with entities either from small businesses we own or real estate investments we have, I also gained much knowledge here. For the average crypto investor, I can imagine this must be mind boggling but I think strategies briefly mentioned here are what allow the wealthy to legally shelter their money and continue to grow it. We just don't want taxes to bite us in the a$$ down the road. Thank you guys!
FemGaming (4 months ago)
I guess best option is too hodl for three years and pull out lol
[email protected] (4 months ago)
Amen Crow! Preach that [email protected]!1
Mr. V (4 months ago)
Why haven't you guys mention how the hell would the IRS figure your trading when its anonymously on yobit, Binance, etc? With a VPN too... I don't understand. By Theory ones computer IP can be used by hundreds of family members and friends. How can they prove you were to the one trading. How can they prove that wallet is own buy you? Just doesn't make sense. For God sake there such thing as burner phones. Don't you think people will trade over public wifi in libraries/restaurants/etc? Honestly if your a whale and can make thousands of dollars a trade. How will the govt/IRS/FINCEN/Etc even know?
shuff1111 (4 months ago)
Can't they track the wallet addresses and follow the trail?
AffiliatePro (4 months ago)
Taxation is theft, pure and simple!!! I ain't cool with paying shit to these extortionists!!! I'm sick of it all!!! Taking my money, they did nothing to earn, to pay for their Zionist wars!!! They can kiss my ass!!!
shuff1111 (4 months ago)
2nd plank of The Communist Manifesto: A heavy progressive or graduated incometax. (Corporate Tax Act of 1909. The 16th Amendment, allegedly ratified in 1913. The Revenue Act of 1913, section 2, Income Tax. These laws have been purposely misapplied against American citizens to this day.)
Andrew Hartzler (4 months ago)
You mentioned you could potentially turn $1000 into $50,000 in a year with your fund? Did I pick that up correctly?
Andrew Hartzler (4 months ago)
I would never hold you to such a number lol. Even half or a quarter of that in a year would be fantastic! I do want to invest in the fund! When will the fund be open?
Crypatia (4 months ago)
Crypatia (4 months ago)
I got a Boat on the Ocean, no tax Problems :-))))
Crypatia (4 months ago)
Crow go to Bahamas and the Problem is gone
Crypatia (4 months ago)
First of all, soory for my english, im from CROCOP Country :: -). Aren`t their States like Nevada with a 1% tax.. Anyway you shod move your ass from the USA , becouse you are shourtly be burnd be the rest of the wourld :-(
AffiliatePro (4 months ago)
"Unless you renounce your USSA citizenship, you are still liable for income tax..." Sorry, it's not that easy! "They" have to be willing to accept your renouncement!!! Otherwise, it costs about $250K to be released from you ownership!!! Yes, we're slaves, problem is, most people are to happy to be one!!
CarlosGunX (4 months ago)
Unless you renounce your USSA citizenship, you are still liable for income tax...
Crypatia (4 months ago)
taxas state
phil d67crypto (4 months ago)
Great contend , thanks.
Taxes go to pay off the increasingly risky government debt because of budget deficits. If u don't pay tax and US defaults, we are all fucked
Jason Woods (4 months ago)
Can I get your guest to help me do taxes personally? Cause I have like a million dollars, I don't what the hell to do really. Last year I did a crap ton of Etherdelta trades, ico's, throwing money to people as help, got random btc lost, bought coins that went to zero, you freaking name it. I don't even know where to begin with this ultra nightmare.
Dave Farley (4 months ago)
FUCK THE IRS AND ITS MAFIA TACTICS. How in this modern world does a government entity exist that will lock you in a human sized cage by brute force for not giving them money YOU made. I hope every employee dies a horrible death.
Mr. V (4 months ago)
Crypto Tax Acadamy Theoretically, miners cannot get taxed if they never declare it. Why would people with small mining machines at home even declare such a thing. I'm hoping a crypto Haven Country has someone release a complete decentralized Anonymous trading exchange. I think it's really ridiculous that the government wants their hand in something that was solely created so the government cannot have their hand in it. In addition, the crypto Community needs to Rally for lower taxes. This industry is different and it's not the same to other Investments. The USA will loose out in millions where crypto investors will take their earnings to 2nd/3rd world nations who will grant the benefits. For God sake, people can even purchase citizenship for some nations. P.S. I aggree with your rant crypto crow
sessy33 (4 months ago)
What about New Zealand? I read somewhere that they have very favorable crypto tax laws/regulations
IDK christbearer9 (4 months ago)
Hey Crow or anybody that could shed some light, What if you buy 100 Litecoin and you buy ICO tokens. How is that going to be taxed now in the good O USA?
IDK christbearer9 (4 months ago)
Crypto Tax Acadamy thank you Sir!
IDK christbearer9 (4 months ago)
Crypto Tax Acadamy So if I pay a 100 bucks and The ICO goes up say to 30 bucks a token by the end of the year. I have to pay tax on that rise or only if I sell it within the year time frame? Thanks for the reply
R Clark Jr (4 months ago)
Good morning there (The Crow) 😊😊😊
Josh Klein (4 months ago)
Dude, crow, take some of that money and buy yourself a good mic please. PLEASE! Your recording gear is garbage. And thanks for your videos 😊
JJ Barajas (4 months ago)
11:10 ← Info on "New" Crypto law 14:50 ← How personal crypto trading is treated by IRS 25:30 ← Info on having bot trading as a business 28:30 ← Info on treating your business as an S-Corp 36:59 ← Info on mining 44:56 ← Info on Self-directed IRA 50:00 ← How do I know Mr. Tax Expert is working for me and not himself? 55:00 ← Info on taking a catastrophic loss in Coin/ICO's being unavailable to Americans 1:05:00 ← Is there an easy solution for your average Joe swing/bot trader, ICO buyer? I thought this might be helpful. Enjoy!
Troy Stutsman (4 months ago)
There is no Puerto Rico anymore...
Deezy (4 months ago)
Thanks for the great info Scott and Crow. I was wondering if you can do a video on how to setup an S Corp in detail if possible.
Troy Stutsman (4 months ago)
Sweet Rant...!
JJ Barajas (4 months ago)
Thank you for the resources and this video, they have been INCREDIBLY helpful. I was about to jump in not really thinking about how taxes would work out exactly. Defintely going to get in with Cointracker and possibly this Scott fellow's firm.
EyeInTheSky (4 months ago)
The very fact that the government are more than happy to take tax off you that you DON'T have to pay without telling you or providing a system that helps make life easier for you to automate the payment via some platform goes to show that THEY KNOW most people are paying more than they have to aside from the huge multi-national coperations who pay ZERO
james percell (4 months ago)
whats this how i get here
Gravel Pit (4 months ago)
why come you don't got a tattoo?
EyeInTheSky (4 months ago)
The tax whores would make far more money in collecting tax if they allowed the traders a system where it would make it simple to pay tax rather than having to hire a fleet of people to update millions of transactions. Fucking idiots. All this means is that people will either not pay or mostly not actually do it because its too complicated. The government is full of fucking morons who are incompetent in that they don't realise they are hamring their econamy when all they have to do is get their shit together.
Jacki Farias (4 months ago)
Any one have any idea why ADA keep dropping? Is this something we need to worry about?
sessy33 (4 months ago)
no, stop worrying, the tech is solid AS FUCK! it is, and has been a long term hold option. The price right now does not matter, don't even look at it, just buy more and hold. Wait till end of year.
Vintage Souffle, LLC (4 months ago)
I use cointracking. It is the best. Gets all the info and even has a diary about each and every trade. Been using it for more than a month and love it. You just have to remember to download your history at each of the exchanges you trade. Those get fed into the cointracking app. My question is what about Personal Liabilities. With an LLC there is a max amount in case of Personal Liabilities. But I don't think that is the case with an S-corp their income can be affected. Am I correct about that? Binance allows institutional as do coinbase. What about opening an account in your companies name at the exchange? Will that make reporting easier as long as you don't comingle. I do like the idea about getting paid in BTC.
Commando Master (4 months ago)
There should not be taxes on crypto because it's a decentralized currency. The government should not be able to tax it.
Dallas Bordenave (3 months ago)
Before I respond to your request to me concerning "plenty of regs regarding sale and disposal of capital assets and property", I have a very important question for you. You said that you "have been involved in the tax industry for 13 years". But you also said that you are "neither a CPA nor an accountant". Then what makes you, as the title of this YouTube video promulgates, a "Crypto Tax Expert"? Are you a tax attorney? Are you just a business owner with accounts in your employ? What are your credentials as a "Tax Expert"?
Dallas Bordenave (3 months ago)
I can tell by your response that whether you are not a CPA or just a tax accountant, you have no knowledge of the Internal Revenue laws or regulations as applicable to cryptocurrency. You have not cited one law or regulation yet in answer to my direct questions. You seem to be just a number cruncher just like everyone else at the IRS. And your conclusions seem to be baseless if you are basing them "on their guidance" [possibly IRS Notice 2014-21] as you so noted in your response. That is just a notice and is merely stating their position as I was told by one of those attorneys at the IRS listed at the bottom of that "guidance" when I spoke with him in a telephone conversation several weeks ago. And as far as the Coinbase case, that was just a Phising expedition by the IRS. Since Coinbase is a federally created corporation by getting a EIN from the IRS, the IRS does have the authority to do what they did. But since it is tax time, as it is termed, the IRS always does things like that around this time to scare the $#!+ out of everyone using cryptos to get them to go into fear mode to do what they assume is law... when it really isn't. All that other stuff you stated at the end of your response is nothing more than additional scare tactics, because most people seem to be like you and have never actually read the Internal Revenue Code or Code of Federal Regulations to know what actually applies and what does not.
Dallas Bordenave (3 months ago)
Thank you for the response. But as an alleged "Tax Expert" attempting to drum up business here, your "conclusion" seems to be completely inaccurate and based on conjecture and not facts of law and regulation. Governments are bound by Congressionally enacted laws and implementing regulation, not conjecture and opinions in "guidance" documents and notices. You are using the terms "property" and "currency" loosey goosey. But upon my request of you as an alleged "Tax Expert", you have given me no links to actual cites of laws and regulations enacted by Congress or promulgated in the Federal Register by the IRS as required by law. And yes, the IRS did issue a "guidance in 2014" as you so noted. It is entitled "IRS Notice 2014-21" if that is what you are referring to in your response but possibly didn't know. However, that is not either law or regulation applicable to anyone but a few in public office as noted in that notice. And in that notice by the IRS, it had no reference to cryptocurrency being "considered intangible property". Where did you read that? Not in that notice. That term "property" was defined by Congress in the Internal Revenue Code in only 2 places. And neither had anything to do with cryptos. That notice stated that "virtual currency" was to be "treated as property", big difference in terminology. I can treat someone like an idiot, but it doesn't really mean that they are one. The IRS can't make up their own rules. It must come from Congress. Also, I have no statute or regulatory reference to what you refer to as "currency traders" relating to cryptos. Where can I read the U.S. Congressionally legislated definition of that term as well? Your response was so generalized that I can only accept it as your opinion and not fact, since you didn't include any. "Tax Expert"? Hmmm. You did not include any links to any cites for anything in your response. Maybe you are not really a "Tax Expert" knowledgeable enough in tax law who can provide facts for verification and validation of what you say, just a businessman looking to drum up some tax business here. Nothing wrong with that.
Dallas Bordenave (3 months ago)
By whose rules did you come up with that response about "currency" & "property"? As everyone should know, all governments are bound by rules and regulations. Can you tell me where you read the law and/or regulation that defines the term "property" as you have explained here that relates to cryptocurrency as we know today like BTC, ETH, etc.? Also, what law and/or regulation promulgated by the U.S. Government states that anyone is required to "report" when "you buy and sell currency"? And it seems as though you are contradicting your own responses. You stated that crypto is "not currency". Then you state that it is required to "report" crypto "when you buy and sell currency". Are you able to make up your mind whether crypto is "currency" or not? You just contradicted yourself. And where did you read that to come to that conclusion?
Dallas Bordenave (3 months ago)
Crypto Tax Acadamy... Well "technically" that is not accurate. As I have noticed, you are a CPA... which means that you are a number cruncher trained by the IRS to crunch numbers for "tax returns". On the other hand, I am a legal analyst specializing in U.S. Internal Revenue. The funds the IRS collects pays down the Federal Deficit. Constitutional taxes pays to "keep the country functioning" as you so noted. And each of the 50 State property taxes pays for roads and other public services within each state. The IRS is also not "in the business of enforcing rules as passed by Congress" as you so noted. They are in the "business" of administrating accountancy for the Board of Governors of the Federal Reserve (kind of what you do). The "enforcing rules" as you have stated, are not passed by Congress. Congress only enacts Bills that are signed into administrative law as Statutes at Large and then codified into the U.S. Code (USC) by the Law Revision Counsel in Washington DC. These are merely administrative laws applicable and enforceable within the Federal Areas as defined in the USC only unless defined to be applicable within the interior boundaries of the 50 States of the Union (Article 1 Sec 8 Clause 17). The only way any of the Congressional laws become enforceable within the interior boundaries of the 50 States of the Union, is when a U.S. Government agency has their attorneys write and promulgate their Regulations in the Federal Register citing their Authority from Congress and published in the U.S. Code of Federal Regulations (CFR) pursuant to the Federal Register Act... as long as the terminology defined either "includes" or "means" the "50 States". But then that still may only apply to a few and not all. This is how I see it after studying this crypto issue... All cryptocurrencies are in a decentralized system of blockchain, unless it specifically states that it is not. This means the IRS & the U.S. Government have no control over any gains or losses of any cryptocurrencies bought or sold since that would mean that the cryptos would have a central authority to control every crypto move. The U.S. Congress has yet to introduce any bills into Congress or enact any laws to "treat" cryptocurrencies "as property" as the IRS has noted in their unenforceable "position" Notice 2014-21. As a matter of fact, Congress has never defined the term "property" in the Internal Re-venue Code or anywhere in any of the U.S. Codes to include or mean cryptocurrency. Why? Because cryptocurrency is decentralized and they have no authority over cryptocurrencies. And besides, the only U.S. Government agency that has the enforcement authority for the Internal Re-venue Code, according to the required promulgated Regulations of the Federal Register Act citing those sections of the Internal Re-venue Code, are the divisions of the ATF under Title 27 CFR and not Title 26 CFR the IRS. And cryptocurrencies are not listed as alcohol, tobacco products, firearms or explosives the last time I looked and actually read the regulations. That is the conclusion I've come to. Maybe that's why I'm a legal analyst specializing in U.S. Internal Revenue, and you are a CPA number cruncher. So where did you get your disinformation from?
Benjamin Knotts (4 months ago)
This is a nightmare. If I gain $10k in one year and pay taxes on it and then lose the whole thing the next year, how the hell does that work? Amended return?!
Benjamin Knotts (4 months ago)
Crypto Tax Acadamy Thank you for taking the time to answer my questions. How much does your service charge for simple long-term coin hold investors? I fill out the 1040ez every year, so crypto is as complicated as it gets. Is there a cheaper rate for non-day traders?
Benjamin Knotts (4 months ago)
Crypto Tax Acadamy If I gain year after year and then my coins go bust on the final year, then I’m paying taxes on losses. People lose coins everyday. How do they tax on coins I may not cash in on?
Jared French (4 months ago)
ya'll a bunch of sheep.
S T (4 months ago)
A ship that got about $8,800 in a day investing in cryptocurrency. I'll take that. Thanks.
Jared French (4 months ago)
legality does not equal morality. i say don't pay any taxes if you don't want to, and if you can help it, and shoot anyone who come to arrest you for it.
AffiliatePro (4 months ago)
I know, it's so easy to play bedroom hardass, isn't it? Unfortunately, (((they))) have the guns and slaves to come hunt us down, and take everything we have, including our lives!! Sorry, I will pay my taxes until I generate the quarter million needed to renounce my citizenship, and move to another country.
Timmahh (4 months ago)
Taxes are Voluntary per the Head of the IRS when Testifying in front of Congress. Taxes are only for Corporations and those that are Not a Natural American.
Bitses (3 months ago)
Just use monero and local bitcoin, then you can say you lost your private keys
Dallas Bordenave (3 months ago)
What video? There is no link.
Dallas Bordenave (3 months ago)
Yes because Westley Snipes was a high profile Hollywood celebrity that the IRS could use to keep the fleas in the jar. And besides, the guy who helped him, Eddie Kahn, made only one stupid mistake and they got him too.
Timmahh (4 months ago)
You also need to watch the Video I linked above.
svantiii (4 months ago)
I thought USA is land of the free...but you have to fill out 2 pages of trades/day for a BOT trading (which is impossible anyways as you don´t know who you traded with anyway)... As USA is the world leader, I see bleak future for crypto trade...
AffiliatePro (4 months ago)
America is falling apart, and won't be around much longer anyway, so don't worry about it! After the rest of the World takes the Petro dollar, and throws it back in our faces, the country will collapse, and it will be over! Prepare, it's coming soon.
JJ Barajas (4 months ago)
It was clarified that this is specifically NOT how the documentation for trading works. Of course, ya still got to document the shit out of everything but at least it's not actually impossible or banned.
Fon Greard (4 months ago)
Hello crow,I sent you a message on Facebook
Clint Whitney (4 months ago)
This was absolutely fantastic. Thank you so much.
Roudy Saint-Louis (4 months ago)
as a USMC veteran, I approved your rant. LOL
Gravel Pit (4 months ago)
Ronnie Nicolson (4 months ago)
hello from the UK
Geo Set (4 months ago)
So if you want to use bot trading for "person use" and not a business, you are basically screwed and need to report every single thing?
JJ Barajas (4 months ago)
Well you do have to report every single trade but there's software out there that can do that I believe, so it's doable. I mean filing taxes in general is already a huge pain, this is just another thing to add to the pile. edit: I believe CoinTracker is what you would need.
MattyCrypto1 (4 months ago)
My problem with this is “fair market value.” It will never be the same as what I trade for on exchange. I may be claiming profits based on that when I actually lost money in reality.
MattyCrypto1 (4 months ago)
Crypto Tax Acadamy, thanks so much for your help. I think it’s going to be HODL gang for me from now on!
MattyCrypto1 (4 months ago)
Is transferring money from an exchange to a wallet a taxable event?
MattyCrypto1 (4 months ago)
Crypto Tax Acadamy, I really think this will have serious impact on crypto
MattyCrypto1 (4 months ago)
Crypto Tax Acadamy, so do you use the USDT price on the exchange, or is there another true measure of the USD value on an exchange? I have taken 0 profits, so I thought I would not owe anything, but I have made a couple dozen “trades.” If I owe money, that means selling some coins, which I really did not want to do. Making myself an S Corp really does not appeal to me. I am just a regular guy who invested some money and tripled it.
Anthony Rios (4 months ago)
This is a fucking joke
Mark Vidales (4 months ago)
1031 also has to take into account whats called basis there is no way you can make this 1031 able I used to do real estate 1031's they are a pain even for real estate
CHIEF 555 (4 months ago)
Dang I really must be a salt grain on the table. I'm nowhere near that at all. Hopefully one day. It would be nice to have that problem for once lol.
CHIEF 555 (4 months ago)
You mentioned reporting it if the value on the exchange is 10k or more below in another comment. Does that pertain to this scenario in anyway where if I don't have that much equivalent on an exchange it's exempt? Mostly everything I do is in very small amounts. I'm trying to get to the top with some crumbs basically.
Todd (4 months ago)
If you buy the ETH and roll that over into another coin relatively quickly the capital gain / loss should be quite small though depending on how much the market fluctuates during the time to transfer from Coinbase to another exchange though, correct?
CHIEF 555 (4 months ago)
What if your just holding for a while. Like buy ETH at Coinbase turn it into ADA at an exchange and then just put the ADA in your wallet for a year or two?
Hal Staniloff (4 months ago)
CoinTracker is awesome! And a must for tracking all your trades and gains.
Luke Kramer (3 months ago)
Do you guys use LIFO or FIFO? From what I've read both are acceptable means of reporting but both have pros and cons
Thy Nguyen (4 months ago)
but how if you bot trade 200~300 trades a day like he said
Homero Serrano (4 months ago)
I still have access to my bitconnect tokens on the website. Why can't I claim that as a loss if I exchanged bitcoin for it a couple months ago?
Gus Brownsdale (4 months ago)
I'm still not really understanding it though because the wallet's don't actually store the coins. They just give you access to your address on he blockchain, which is decentralized and stored all over the world. Idk maybe I'm dumb but can you help me make sense of this?
Gus Brownsdale (4 months ago)
That doesn't really make sense. Exchanges like Bittrex, Binance, etc are centralized and are based in particular locations. When you "store" crypto's on a TREZOR or other wallet you aren't actually storing them there. They are going into your wallet address on the blockchain which is decentralized and all over the earth. The trezor itself only stores the private keys and gives you access to the blockchain so that you can move funds around. REPLY
Ster Ling (4 months ago)
Please don't call your subscribers 'slackers'. I learned about BTC at $3. lol. Thanks for sharing this vid.
Pierre Dachoute (4 months ago)
LOL I get you.
Robert Wells (4 months ago)
Don't sub if you don't like it! Not eveybody is the same in life.
Stephen Mcdonagh (4 months ago)
Waffles on a bit there but I’m not the only one to that here, ba ha ha ha. My question for crow or anybody else in this space: do you think it’s worth it if I get PT/PF for binance a VPS and also pay for the installation set up if it costs me 50% of my portfolio?
Stephen Mcdonagh (4 months ago)
This is hard work, watch all your vids, did the udemy course. But this is all a foreign language to me. Working a full time job, wife and kids need time and all my mates give me a roasting all the time because I’m in “that bitcoin scam!” Lol, they’ll be sorry some day when all this hard work pays off.
Ster Ling (4 months ago)
Crypto Crow...A true Scorpio!
Michael Ferrante (4 months ago)
Just joined have been learning and listening 2u 4 about a mounth Thank You
Cee Em (4 months ago)
Anywayz thank you so much for this Interview, it really helped put things in prospective! Answered a ton of heavy questions. This video will probably be your most viewed since it relieves what the cyrpto community was stressed about. BTW did I win anything? :P Thanks agian
Cee Em (4 months ago)
Thank you @crypto tax acadamy for your participation and the information you provided. How to we contact you for your services? Through Youtube?
Anderson Flennoy (4 months ago)
Wonderful live presentation
Cee Em (4 months ago)
First agian!!! <3

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The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.