How NFTs (including NBA Topshot) will most likely be taxed 👇
Please feel free to retweet to spread awareness.
Perfect for if you are having trouble sleeping at night and need something extremely boring to read.
Collaboration with fellow CPA @RichM_34
Absolute goat I don't wanna make him more swamped than he already is but @NFTandDFSCPA made my tax experience this year ridiculously easy, in less than a week, with less than 3 weeks til the due date, and saved me a BUNCH of money on not just taxes, but the service itself. goat.
if you need a CPA (hint: you do need one) please look no further than the undisputed goat @NFTandDFSCPA - i have referred countless individuals to peter and cannot say enough good things
PS: just like the watch dealers, many of you all are getting fee raped
@FortWayneCPA This exact situation happened to me Mike. Have to track down the certified mailing receipts and fax it over to an IRS agent that isn't clueless / willing to help. If the 2553 was mailed outside the 3 year window, they will say tough luck but i've had success escalating the issue
Crypto taxes can be messy - especially if you trade volume and do thousands of transactions. The infrastructure is also nascent and theres plenty of room for improvement.
But if you ever need any crypto reconciliation and/or tax preparation I highly recommend @NFTandDFSCPA
how to actually save money on crypto taxes 🧾💸
timestamps:
00:20 | intro
01:11 | what exactly gets taxed
01:50 | organizing txns (without losing your mind)
02:20 | do i only pay taxes when i cash out?
03:03 | best strategies to legally save $$
04:24 | missing txns? here’s what to do
07:13 | red flags that trigger IRS audits
07:48 | 3 underrated tax gems
tbh, i used to avoid taxes out of fear, mostly because i didn’t even know where to start. hope this helps someone feel less lost.
taking profits into real life is the goal!
peace of mind > paranoia
Always recommend to everyone I know that @NFTandDFSCPA is without question the best tax guy for gamblers and crypto. He’s genuinely a good dude too so that helps