Crypto Tax Insights from Experts on Laura Shin’s Podcast

IRS Approach to Crypto Taxes

In a recent episode of the podcast 'Unchained', crypto journalist Laura Shin delves into the complexities of crypto taxation in the United States. Featuring tax experts Lawrence Zlatkin of Coinbase and Shehan Chandrasekera of CoinTracker, the discussion focuses on the IRS's evolving stance on crypto-related tax issues, including the implications for digital assets, staking rewards, and NFT royalties.

Key Changes in Reporting

Significant changes have been made to the IRS tax forms, which now refer to "digital assets" rather than "virtual currency". This broader term encompasses a range of cryptographic assets, including NFTs and blockchain technology. The inclusion of staking in the tax questions highlights the IRS’s expanding scope in crypto oversight.

Taxable Crypto Transactions

The podcast explores various crypto transactions subject to taxation, such as receiving, selling, or exchanging digital assets. The experts clarify how these transactions are treated under capital gains tax and discuss the reporting requirements for crypto traders. They also address the tax implications of events like bankruptcies, capital losses, scams, and thefts.

Understanding DeFi and Corporate Taxes

As the conversation progresses, the experts touch on the taxation of decentralized finance (DeFi) and the specific forms and corporate tax obligations relevant to crypto businesses. This segment aims to equip listeners with a comprehensive understanding of the crypto tax landscape.

Expert Advice for Crypto Taxpayers

The episode concludes with crucial advice from Zlatkin, emphasizing the importance of reporting crypto taxes accurately and timely. As the April 18 deadline approaches, it's vital for crypto traders to comply with tax regulations to avoid potential penalties.

This timely discussion is praised by listeners for its in-depth analysis and practical guidance, offering valuable insights into navigating the complex world of crypto taxation.