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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Feb 15, 2022

Two crypto tax experts, Shehan Chandrasekera, certified public accountant and head of strategy, Tax, at Cointracker, and John Cardone, senior director of Washington National Tax at RSM US LLP, explain everything crypto traders need to understand when filing taxes for 2021. Show topics:

-the five types of transactions that constitute a taxable crypto event
-how NFT taxes should be reported
-why the sale of collectibles (NFTs) is taxed differently than the sale of crypto property (tokens)
-what type of forms you might receive from crypto exchanges and why this information is usually incomplete
-why the crypto provision in the infrastructure bill most likely won’t affect retail traders
-why John wants a digital asset-specific 1099 form
-how staking income will be taxed this year (and why this might change soon)
-how to report taxes for…
airdrops like ENS and SOS
income earned via a play-to-earn game like Axie Infinity
the sale of virtual land
wrapping Bitcoin onto Ethereum
rewards received via a crypto credit card
-how to save money on taxes going forward
-how Shehan and John think crypto taxes will evolve 
-why the IRS listed a job posting for someone who could exploit crypto wallets

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021      

Beefy Finance: https://beefy.finance  

Bosonic: https://bosonic.digital/

Alchemy Pay:  https://alchemypay.org


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Episode Links


John Cardone

​​https://www.linkedin.com/in/john-cardone-436412b1/
 

Shehan Chandrasekera

https://twitter.com/TheCryptoCPA

Helpful Links

Shehan’s tax guide: https://www.forbes.com/sites/shehanchandrasekera/2022/01/24/quick-guide-to-filing-your-2021-cryptocurrency--nft-taxes/?sh=d5c00f765f9d
Staking rewards case: https://twitter.com/TheCryptoCPA/status/1489268205877035016 
US Gov. job posting: https://sam.gov/opp/799a1650bd5349b6af4f646842999187/view 

2022 Crypto Tax Guides

CoinTracker: https://www.cointracker.io/blog/crypto-tax-guide
CryptoTrader.Tax: https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes
Koinly: https://koinly.io/cryptocurrency-taxes/ 
ZenLedger: https://www.zenledger.io/guides/crypto-tax-us