00:00Yes, you owe U.S. federal tax on crypto.
00:03The IRS treats it as property, notice 2014-21.
00:08So every disposal, selling, trading one coin for another, or spending it, is a taxable event,
00:14and earned crypto, mining, staking, airdrops, is taxed as ordinary income when received.
00:201. Short-term capital gains, held less than or equal to one year taxed as ordinary income.
00:2710% to 37% brackets.
00:30Applies to active traders and anyone flipping coins quickly.
00:342. Long-term capital gains, held greater than one-year preferential rates of 0%, 15%, or 20% based on
00:43taxable income.
00:43This is the main lever for reducing tax.
00:46Holding past the one-year mark can cut your rate roughly in half for higher earners.
00:513. Ordinary income from crypto, mining rewards, staking yields, airdrops,
00:57Payment for services taxed at your regular income rate the moment you receive it,
01:01based on fair market value that day, separate from any later capital gains-slash-loss when you dispose of it.
01:084. NFTs classified as collectibles, can trigger a 28% rate under IRC Section 1.
01:14H. 4. Instead of standard capital gains rates.
01:18Starting with 2,025 transactions, exchanges like Coinbase and Kraken must issue Form 1099,
01:26DA reporting gross proceeds to both you and the IRS,
01:30with cost basis reporting phasing in for assets acquired from January 1, 2026 onward,
01:37so the IRS now cross-references your filings automatically.
01:40Even without a 1099, DA, e.g., self-custody wallets, DeFi, peer-to-peer trades,
01:48you're still legally required to report every transaction.
01:51The form's absence isn't an exemption.
01:54The IRS's National Taxpayer Advocate has noted many taxpayers under-report due to confusion rather than intent,
02:01but enforcement letters increased sharply through 2025 to 2026,
02:06and ignoring the first notice can trigger an audit.
02:08Your context matters.
02:10State taxes vary widely.
02:12Some states, like Texas or Florida, have no additional capital gains tax.
02:17California taxes it as ordinary income,
02:20and business-slash-professional trading may shift some income to Schedule C with self-employment tax implications.
02:27Practical step.
02:28Track every transaction's date, cost basis, and holding period now.
02:33Reconcile it against any 1099, DA you receive,
02:37and file Form 8949 with Schedule D regardless of whether a form was issued to you.
02:43Finally, remember that everything we discussed today is for educational purposes only
02:48and does not constitute financial advice.
02:50Good luck to everyone, and see you in the next video.
02:53Good luck to everyone.
02:53Good luck to everyone.
02:53– Sous-titrage FR 2021
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