LTB!: US Crypto Taxes Are a Nightmare. Could These Proposals Help?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 February 2020
⏱️ 53 minutes
🧾️ Download transcript
Summary
The best Sundays are for long reads and deep conversations. Earlier this week, the Let's Talk Bitcoin! Show gathered to discuss the US tax treatment of "Virtual Currencies" and how scams find a home wherever opportunity exists, at least for a while.
This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
During our first segment, we'll discuss:
Virtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any individual transaction results in a capital gain of $200 or less. Previous versions of the bill proposed a $600 cap. If passed, it would take effect in the 2020 tax year. Link - H.R. 5635
The IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040
Yang proposes "Digital Asset Regulation": U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets. Yang says clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Link - Yang 2020
Later on, we'll dig into the "why" of scams as we begin a longer conversation on the topic.
Three main points on scams:
- Ponzi schemes thrive in disrupted spaces with uncertainty, poor credentialing, and poorly understood complexity
- The crypto currency space has these attributes
- The underlying appeal of ponzi scams (and bitcoin) comes from the mythology of redemption, getting something from nothing, the genie in the bottle, etc
Links:
This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
Photo by Fernando Venzano on Unsplash
This episode was produced by AP's Don and Ned. It featured discussion by Adam B. Levine, Stephanie Murphy, and Jonathan Mohan.
Music for today's episode was provided by Jared Rubens, From Ether and Gurty Beats, with editing by Jonas.
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Transcript
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| 0:00.0 | Welcome to Let's Talk Bitcoin. I'm Adam B. Levine, creator of the show, and most recently an editor at Coin Desk. And this is episode 426. |
| 0:11.0 | Today on the show, we'll dig into the evolution of Bitcoin taxes in the U.S. with the Virtual Currency Fairness Act of 2020, a new question from the IRS about crypto holdings and Democratic presidential hopeful Andrew Yang's proposed digital asset regulation. |
| 0:24.7 | Associate producer Don put together this segment for us. |
| 0:27.6 | Later, we'll be digging into scams, but not necessarily crypto. |
| 0:30.6 | It turns out that in many new technologies, innovations, or opportunities, there's a period of time, just about 10 years, where the public at large is at risk, |
| 0:38.5 | and often increasingly so of being taken advantage of by opportunistic scammers who understand |
| 0:43.1 | this new state of things well enough to use it to their advantage and for their benefit. |
| 0:47.4 | Associate producer Ned put together that segment. |
| 0:49.8 | This episode of Let's Talk Bitcoin is sponsored by E.Torobrave.com and purse.io. |
| 0:54.7 | You can find new episodes on CoinDestr.com on Let's TalkB Bitcoin.com at the LTV |
| 0:58.9 | Network and, of course, at LTV Show.com, where we manage our own feed. |
| 1:02.6 | Today, we're joined by the other host of Let's Talk Bitcoin. |
| 1:05.0 | Dr. Stephanie Murphy, early podcaster and early bitcoiner. |
| 1:08.3 | Hi there, Adam. |
| 1:09.6 | Hi, Stephanie. And the one and only Jonathan Mohan. |
| 1:12.9 | Hey, hey. |
| 1:14.4 | Andreas Antonopoulos is out for today's session. |
| 1:17.2 | Thanks to everyone for being here and to you, the listeners, for sitting in with us. |
| 1:21.1 | I have done almost nothing in the space that involves incurring anything to do with taxes for like two years because I have basically |
| 1:28.7 | PTSD from the 2017-2016 year. And probably about half the people I talk to have very similar |
| 1:36.0 | stories, right, where you think that you won, but then you have to pay taxes on it. And the way |
| 1:41.6 | that the taxes wind up falling is just so onerous. |
... |
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