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Any CPAs that specialize/knowledgeable in crypto in SE LA?
Posted on 12/22/23 at 1:58 pm
Posted on 12/22/23 at 1:58 pm
Looking for a recommendation for the upcoming tax filing season. Preferably Northshore area but New Orleans/Baton Rouge would work as well.
Posted on 12/22/23 at 2:26 pm to BlueChips
If you sold at a gain on anything bought a year or more, hold 25% to pay Uncle Sam. Report your gain on sch d.
Don’t make this any more complicated than necessary.
Don’t make this any more complicated than necessary.
Posted on 12/22/23 at 8:52 pm to BlueChips
Not local but I use cryptotaxman and Josh is awesome. Give his breakdown to my local cpa. I had thousands of buys and sells in multiple exchanges and he figured it all out and saved me plenty.
Posted on 12/23/23 at 9:51 am to BlueChips
Personally, I hate when crypto comes across my desk because I don’t understand it well enough and reports for it are like another language compared to a 1099-CONS. Most of my peers feel the same. Try to do most of the leg work yourself by making a spreadsheet recapping transactions or hire someone else to do it as recommended above. Keep it as simple as possible. You need:
- Description of what was sold
- Purchase Date
- Purchase Cost
- Sale Date
- Sale Cost
- Description of what was sold
- Purchase Date
- Purchase Cost
- Sale Date
- Sale Cost
Posted on 12/23/23 at 12:16 pm to BlueChips
Scone wants to sell you Game coin.
Posted on 12/23/23 at 1:15 pm to horsesandbulls
quote:
If you sold at a gain on anything bought a year or more, hold 25% to pay Uncle Sam. Report your gain on sch d. Don’t make this any more complicated than necessary.
Crypto doesn’t have to be complicated, but nothing about your advice is accurate.
Posted on 12/24/23 at 8:34 am to BlueChips
I need this help too. I dont trade but I did buy and hold previously. I had synced my accounts with a tax service, but binance, binance.us, and kucoin all got banned in the US; so now that is a mess. I had to sell some to get it off if those exchanges AND i had done some staking on Kucoin…so I need to figure something out.
Posted on 12/25/23 at 6:39 am to slackster
quote:
nothing about your advice is accurate.
Educate me then. What would you recommend and what is wrong about my advice?
This post was edited on 12/25/23 at 6:44 am
Posted on 12/25/23 at 9:28 am to horsesandbulls
I don’t know anything about bitcoin, but why would the services that trade/ buy/ sell them not do this for you like equities companies do?
Posted on 12/25/23 at 9:49 am to BlueChips
I've used koinly for last 3 years, it's been quick and easy. You link it to your exchange accounts, choose how you want it to select cost basis (which is a great feature at the moment of crypto tax considerstions) and hit generate report, done.
Posted on 12/25/23 at 9:42 pm to horsesandbulls
quote:
Educate me then. What would you recommend and what is wrong about my advice?
You don’t just calculate gains, and you don’t just calculate assets sold after a year. You have to account for all sold assets, regardless of timeframe. You separate them by one year or less and greater than a year. You potentially can aggregate them, but you need to know the individual sales first.
You also pay various tax rates on the net short and long term gains. Short term gains are taxed at ordinary income levels. Long term gains are taxed at either 0%, 15%, or 20%. You may also owe a Medicare surcharge tax of 3.8%.
So yeah, your advice was inadequate at best.
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