Bitcoin Tax with Chandan Lodha
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Bitcoin Tax with Chandan Lodha - WBD206
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Location: Skype
Date: Monday, 16th March
Project: CoinTracker
Role: COO
Nothing is certain but death and taxes, and for most people, their largest expense is not their rent, mortgage or car, it is their taxes.
Most see taxes as an unavoidable fact of life, however, many Bitcoiners are also libertarians who believe taxation is theft and an infringement on their property rights. So, when I introduced a new What Bitcoin Did sponsor, Cointracker, who helps you prepare cryptocurrency tax returns, I received a few direct messages for supporting “the man”.
I understand that tax and Bitcoin do not necessarily go hand in hand, with tax being somewhat antithetical to Bitcoin. Bitcoin was created to separate money and state and with that taxation. Tax is not something I support or want to pay; however, I do so to avoid fines and legal retribution.
In this bonus episode of What Bitcoin Did, I talk to Chandan Lodha, the COO of Cointracker. We discuss the ramifications of not filing crypto taxes, techniques to save money on your tax return and major exchanges getting subpoenaed.
00:03:19: Introductions
00:05:06: IRS subpoenas to crypto exchanges
00:09:15: Penalties for crypto tax avoidance
00:11:10: Where to start with crypto tax
00:14:00: Paying tax on a per trade basis
00:17:18: UK Tax rules on crypto
00:18:50: Different tax rules for different countries
00:20:03: Calculating taxes through software
00:21:11: Reducing tax burdens
00:24:37: Things to be aware of with tax
00:27:57: Rule changes with tax on crypto
00:29:28: CoinTracker
00:32:32: Final comments
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