Not understanding cryptocurrency taxes can get a trader into a lot of trouble with the IRS. By understanding the December crypto tax trap that I will explain in this video, a user may avoid trouble with the IRS, minimize loses, and maximize profits. In addition, by employing methods such as tax loss harvesting/wash sales or trading within a ROTH IRA, a trader may benefit from paying less tax. (I am not a licensed tax professional. This is not tax advice. Seek out assistance from a tax professional for your personal tax needs).
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Time Stamps:
Intro - 0:00
Tax Trap - 1:17
Stocks/Crypto Write Offs - 4:33
Wash Sale - 5:42
Trade Tax Free With Roth IRA - 7:16
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DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make. This description may contain affiliate links for products that I believe in and use personally. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thank you for your support.
#crypto #cryptotax
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https://www.youtube.com/watch?v=jYGRcslfIyY