Crypto tax and accounting from a former IRS agent

We had the great pleasure of talking with a former IRS (Internal Revenue Service) agent, Mel Crilley an Enrolled Agent shares information about tax with cryptocurrency. Mel shares an amazing amount of details by answering all of our questions and providing insights to how crypto and taxes work.

Everything from how crypto is taxed to what constitutes a taxable event was discussed. We had more questions than one episode could fit, Mel will definitely be coming back, but please enjoy. and we hope you find value in the information shared by a former IRS agent.

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In This Episode We Talk About

• How the IRS classifies cryptocurrency.
• What constitutes a taxable event with cryptocurrency.
• The differences of buying crypto, trading, and selling
• Airdrops
• The potential of leveraging your crypto portfolio for fiat loans.
• How crypto is governed.
• What is currently happening with cryptocurrency as a short-term gain and a long-term gain.
• What you need to track with your crypto portfolio.
• How NFTs are taxed.
• Helpful ways to track your crypto portfolio.

and a whole lot more...

Follow-up Links Mentioned In The Episode‍

• What is an Enrolled agent‍
• Video walkthroughs we have for walk-throughs to get your tax information on exchanges‍
• Link to Cointracker, Koinly, TaxBit‍
• Coinbase lending product squashed by (source)‍
• Mercury Bank‍
• The “wash rule” link to meaning‍
• Federal reserve coin debate
• What is CBDC = Central Bank Digital Currency‍
• The Age of Cryptocurrency link‍
• IRS.gov crypto links
• Melcrilleyea.com
• Tax forms for crypto (TurboTax)

Fort Brox Affiliate Links

Koinly Crypto Tax Software:  👉  https://koinly.io/?via=4A986382

Descript: 👉  https://www.descript.com/?lmref=L9u6Yg

Mercury Business Banking: 👉 https://mercury.com/r/fort-brox

Webflow No-Code Websites: 👉 https://webflow.grsm.io/ii4ge2tqaee4

Credits

Hosts: Neil Alonzo and Brandon Heath

Original music by The Celebrators

Produced by Vocal Visual and Wizard Cats

Studio was provided by www.aduwestcoast.com

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‍Disclosure. We are not financial advisors, wealth managers, CPAs, Lawyers, or Brokers. We are sharing our experiences and opinions to be of help to those who choose to listen or watch the podcast brought to you by Fort Brox.