<description>&lt;p data-start="1249" data-end="1676"&gt;Tax season is back, and crypto reporting is getting a lot more&amp;hellip; specific. We&amp;rsquo;re joined by returning guest &lt;strong data-start="1370" data-end="1390"&gt;Clinton Donnelly&lt;/strong&gt; of &lt;strong data-start="1394" data-end="1412"&gt;CryptoTaxAudit&lt;/strong&gt; to break down the biggest crypto tax changes affecting U.S. traders this year&amp;mdash;what forms are coming, what the IRS will see, and the most common ways people accidentally trigger problems. If you&amp;rsquo;ve traded on U.S.-based exchanges, this episode is your wake-up call.&lt;/p&gt; &lt;p&gt;In this episode, we cover:&lt;/p&gt; &lt;ul data-start="1709" data-end="2273"&gt; &lt;li data-start="1709" data-end="1775"&gt; &lt;p data-start="1711" data-end="1775"&gt;Why crypto taxes are getting more complicated (and more visible)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="1776" data-end="1845"&gt; &lt;p data-start="1778" data-end="1845"&gt;&lt;strong data-start="1778" data-end="1803"&gt;New 1099-DA reporting&lt;/strong&gt;: what it is and what exchanges may report&lt;/p&gt; &lt;/li&gt; &lt;li data-start="1846" data-end="1912"&gt; &lt;p data-start="1848" data-end="1912"&gt;Why &amp;ldquo;proceeds vs. cost basis&amp;rdquo; matters (and where confusion hits)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="1913" data-end="1980"&gt; &lt;p data-start="1915" data-end="1980"&gt;The &lt;strong data-start="1919" data-end="1939"&gt;Form 8949 change&lt;/strong&gt;: crypto transactions being separated out&lt;/p&gt; &lt;/li&gt; &lt;li data-start="1981" data-end="2048"&gt; &lt;p data-start="1983" data-end="2048"&gt;The &amp;ldquo;match the proceeds&amp;rdquo; issue that can trigger nasty IRS letters&lt;/p&gt; &lt;/li&gt; &lt;li data-start="2049" data-end="2131"&gt; &lt;p data-start="2051" data-end="2131"&gt;&lt;strong data-start="2051" data-end="2093"&gt;New FIFO requirement by wallet/account&lt;/strong&gt; (and why it can change your tax bill)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="2132" data-end="2207"&gt; &lt;p data-start="2134" data-end="2207"&gt;Why audits can drag on for years (and what &amp;ldquo;audit-proofing&amp;rdquo; really means)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="2208" data-end="2273"&gt; &lt;p data-start="2210" data-end="2273"&gt;Practical advice for staying compliant without losing your mind&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;The 3 big crypto tax changes Clinton highlights:&lt;/p&gt; &lt;ol data-start="2328" data-end="2536"&gt; &lt;li data-start="2328" data-end="2379"&gt; &lt;p data-start="2331" data-end="2379"&gt;&lt;strong data-start="2331" data-end="2350"&gt;1099-DA is here&lt;/strong&gt; (for U.S.-based exchanges)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="2380" data-end="2456"&gt; &lt;p data-start="2383" data-end="2456"&gt;&lt;strong data-start="2383" data-end="2424"&gt;Crypto gets its own lane on Form 8949&lt;/strong&gt; (more visibility for the IRS)&lt;/p&gt; &lt;/li&gt; &lt;li data-start="2457" data-end="2536"&gt; &lt;p data-start="2460" data-end="2536"&gt;&lt;strong data-start="2460" data-end="2486"&gt;FIFO by wallet/account&lt;/strong&gt; becomes required (can reshape gains calculations)&lt;/p&gt; &lt;/li&gt; &lt;/ol&gt; &lt;p&gt;Helpful link:&lt;/p&gt; &lt;ul data-start="2556" data-end="2610"&gt; &lt;li data-start="2556" data-end="2610"&gt; &lt;p data-start="2558" data-end="2610"&gt;Work with Clinton / CryptoTaxAudit: http://&lt;strong data-start="2594" data-end="2610"&gt;badco.in/tax&lt;/strong&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt;&lt;p&gt;&lt;a href="https://badcryptopodcast.com" rel="payment"&gt;Support the show: https://badcryptopodcast.com&lt;/a&gt;&lt;/p&gt;&lt;p&gt;See &lt;a href="https://omnystudio.com/listener"&gt;omnystudio.com/listener&lt;/a&gt; for privacy information.&lt;/p&gt;</description>

The Bad Crypto Podcast

Joel Comm and Travis Wright

Crypto Taxes Just Leveled Up: 1099DA, New Reporting Rules, and How to Avoid a Mess

JAN 28, 202628 MIN
The Bad Crypto Podcast

Crypto Taxes Just Leveled Up: 1099DA, New Reporting Rules, and How to Avoid a Mess

JAN 28, 202628 MIN

Description

Tax season is back, and crypto reporting is getting a lot more… specific. We’re joined by returning guest Clinton Donnelly of CryptoTaxAudit to break down the biggest crypto tax changes affecting U.S. traders this year—what forms are coming, what the IRS will see, and the most common ways people accidentally trigger problems. If you’ve traded on U.S.-based exchanges, this episode is your wake-up call. In this episode, we cover: Why crypto taxes are getting more complicated (and more visible) New 1099-DA reporting: what it is and what exchanges may report Why “proceeds vs. cost basis” matters (and where confusion hits) The Form 8949 change: crypto transactions being separated out The “match the proceeds” issue that can trigger nasty IRS letters New FIFO requirement by wallet/account (and why it can change your tax bill) Why audits can drag on for years (and what “audit-proofing” really means) Practical advice for staying compliant without losing your mind The 3 big crypto tax changes Clinton highlights: 1099-DA is here (for U.S.-based exchanges) Crypto gets its own lane on Form 8949 (more visibility for the IRS) FIFO by wallet/account becomes required (can reshape gains calculations) Helpful link: Work with Clinton / CryptoTaxAudit: http://badco.in/tax Support the show: https://badcryptopodcast.comSee omnystudio.com/listener for privacy information.