Jon Hazell on Bitcoin Taxation; Might you owe IRS tax on your bitcoin transactions?

Finding Genius Podcast

Richard Jacobs

Medicine, Health & Fitness

4.4 • 1K Ratings

🗓️ 2 March 2017

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jonathan Hazell, a CPA, has become somewhat of a specialist in the taxation side of Bitcoin in the United States.
Jon shares his insights about the IRS, it's methods and taxation plans for bitcion, based on his 25 years of being in the industry.
It's not just bitcoin that is subject to tax in the United States – it's all cryptocurrencies. Exchanging crypto for good and services, qualifies it as a taxable commodity. The IRS treats bitcoin, similar to stocks and taxes them accordingly.
What are some of the challenges IRS is facing in taxation and how people are trying to evade taxes? All of these questions and more will be answered in this podcast.
So make sure you listen, subscribe and share this podcast. Donate some bitcoins to our pub key on future tech podcast dot com to keep us rolling.

Transcript

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0:00.0	Welcome to Almost Here, Around the Corner of Future Technology Podcasts with Richard Jacobs.
0:07.9	Future Technologies are poised to transform our lives for better or worse for the focus of this podcast.
0:13.6	Almost here means these technologies are now here and starting to be used.
0:18.2	We're just around the corner.
0:19.7	From Bitcoin to artificial intelligence, 3D around the corner, from Bitcoin to artificial intelligence,
0:22.0	3D printing, blockchain, virtual reality, and more.
0:26.3	Hi, this is Richard Jacobs with Future Tech Podcast, almost here, around the corner technology.
0:31.6	And today I have John Hazel. He works in the realm of Bitcoin and other cryptocurrencies
0:37.9	and how they're affected tax-wise
0:40.7	John, how are you doing?
0:43.3	Doing well, thanks for having you on.
0:45.7	Yeah.
0:46.8	So what's your background?
0:48.4	How did you get involved with or know about
0:50.4	cryptocurrencies when I'm sure
0:52.7	almost nobody in the tax world does?
0:57.0	Well, I've been to a tax as, gosh, now I guess started in 1993, so the 24th year.
1:05.0	Wow.
1:06.0	And in 2013, I started seeing the rise of it during tax season that year.
1:17.7	And if you follow the history of Bitcoin, you know that in 2013.
1:21.5	In the spring, that was the prime mover date.
1:26.7	That's when Cyprus had its issue there with banking.
	...

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