Bitcoin Tax with Chandan Lodha - WBD206
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 25 March 2020
⏱️ 35 minutes
🧾️ Download transcript
Summary
Location: Skype Date: Monday, 16th March Project: CoinTracker Role: COO
Nothing is certain but death and taxes, and for most people, their largest expense is not their rent, mortgage or car, it is their taxes.
Most see taxes as an unavoidable fact of life, however, many Bitcoiners are also libertarians who believe taxation is theft and an infringement on their property rights. So, when I introduced a new What Bitcoin Did sponsor, Cointracker, who helps you prepare cryptocurrency tax returns, I received a few direct messages for supporting "the man".
I understand that tax and Bitcoin do not necessarily go hand in hand, with tax being somewhat antithetical to Bitcoin. Bitcoin was created to separate money and state and with that taxation. Tax is not something I support or want to pay; however, I do so to avoid fines and legal retribution.
In this bonus episode of What Bitcoin Did, I talk to Chandan Lodha, the COO of Cointracker. We discuss the ramifications of not filing crypto taxes, techniques to save money on your tax return and major exchanges getting subpoenaed.
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Transcript
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| 0:00.0 | Welcome to the What Bit |
| 0:02.0 | the What BitCon did podcast. |
| 0:06.0 | Hello there from lockdown Bedford, how are you all? |
| 0:10.0 | How are you all coping with this crazy world we're in right now? |
| 0:14.2 | We are in lockdown here, the government have put in place some new rules for us. |
| 0:19.0 | Yes, we're getting a bit weird, |
| 0:20.2 | or getting a bit strange. |
| 0:22.4 | Anyway, welcome to the show. Welcome to |
| 0:24.0 | What Bitcoin did podcast which is brought to you by Krakhan, the best place to |
| 0:27.1 | buy and sell Bitcoin. I'm your host Peter McCormack and today I've just got a |
| 0:31.0 | short and bonus show with one of my sponsors Chandan Loda discussing the exciting world of Bitcoin Tax. |
| 0:38.0 | Now this is just a short and bonus show I think it's less than half an hour long so I'm not going to be doing full sponsor as just a quick note to make sure you do check out Cracken the best exchange for Bitcoin |
| 0:47.5 | BlockFi the future of Bitcoin and financial services sat street the easiest way to send to your friend's Bitcoin, and the virtual consensus |
| 0:55.5 | event that's being run as the main event that's been closed down due to coronavirus. |
| 1:00.5 | Okay, so on to this show, let me explain what's going on here. As we are all in isolation, |
| 1:05.2 | I thought we all needed a bonus show. We all needed some entertainment. So Pete's got you. |
| 1:10.3 | I've got you. I couldn't think of anything more exciting to break up the boredom of |
| 1:14.8 | this lockdown and then to talk about tax is there anything we all love more than |
| 1:19.6 | tax oh God I'm really sorry so listen let me explain what's going on here. I know this is a bullshit subject, but I recently announced a new sponsor, Coin Tracker. They are a company which helps you prepare your tax returns. And because of of this I got a small amount of |
| 1:33.5 | backlash not a lot but a few people coming at me saying I'm supporting the man I |
| 1:38.0 | should be anti-tax whereas the freedom fighter were in me this Bitcoin isn't |
| 1:42.4 | about tax I should be fighting this etc. |
... |
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