 It is officially tax season and you, just like I, have been enjoying these profits with Bitcoin and other outcoins all year long. So guess what time it is? It's time to pay Uncle Sam what? I guess we have to pay him for living here, right? In today's video, we speak to a crypto tax professional CPA, my man, Vic, who I ask all the questions that you guys are probably wondering about when it comes to crypto and taxes. So grab your popcorn, your notepad and drink of choice now because you will want to stick around for this entire video. Hey, what's up Jay here and welcome to Bitcoin Daily bringing you guys the best tips, tutorials and ideas to help you guys become profitable and successful investors. The goal of this channel is to empower you with the knowledge and resources to put it all together and take you up to that next level. So if you guys are new here, make sure to subscribe guys, make sure to smash that like button and turn on the notification bell. In today's video, we're going to be talking about crypto taxes. I've gathered up all your questions and we're going to bombard our man, Vic, who is a crypto tax pro. He is a CPA and he has all the answers that we are looking for. So let's jump right in. Alrighty guys. So finally after some time, you guys know that I've been looking for someone to answer your tax questions or crypto tax questions for a while now. So I brought my friend here, Vic, who is a very well known crypto CPA and he is going to be the professional today that's going to help all of us answering some questions. So what's up, Vic? How you doing? Good, how are you Jay? Doing amazing man. I'm doing amazing. I'm very happy to finally have you on here man. I've been probably for like the last two months, I've been looking for someone to get on with me, on a call with me to answer these questions because a lot of people are lost in this space. Right, right. Yeah man. So give us a little bit of your background and a little introduction on what you do, how long you've been doing it and all that. Sure. I've been a CPA for about 10 years now. I started my career at a mid-sized CPA firm. I have my master's in taxation. I have an undergrad in accounting. I worked at Ernst & Young in the hedge fund taxation space for a few years and I started my own practice in 2016 right around the bull market which started going off. The reason why I got into crypto taxation was because when I was working at Ernst & Young, I was in the hedge fund taxation space, I was looking to translate that into my own practice and I was looking to get my own hedge fund clients and trading clients and crypto just kind of fell in my lap at the time because around 2017 into 2018, that's when the bull market really took off. In the beginning of 2018, a few of my clients started coming up to me asking about like-kind exchanges, crypto is taxed and at that time crypto taxation was a fairly new topic. Although it's been required to be reported to the IRS, no one's really reported it because it wasn't as enforced but it started getting a lot of mainstream and then I was getting hit left and right. We started doing seminars, we started reaching out to folks, we started networking a lot so we got a lot of clients in that space. So we grew and grew and grew as a firm. Now we have several hundred clients in the crypto space. We help a lot of individuals, we use crypto, we help out crypto hedge funds, we help out blockchain companies who maybe did a raise. We also have a lot of many traditional businesses and individual clients so we're able to kind of calculate how the crypto piece molds into their other taxation and finances. People may be selling real estate and stocks and those are all capital gains such as cryptocurrency so we're able to kind of mesh those two together and provide consulting on tax planning. Okay, awesome man, awesome. Yeah man, so it sounds like you've really been around the whole crypto taxes and all that for a while now. So I'm super excited that I got you on here. So what I'm going to do, I asked my followers what questions they had about taxes and I'm basically just going to kind of send these same questions to you so that you could answer them for us. Do people have to disclose their holdings of crypto and do they have to pay taxes on the crypto? They have to disclose whether they have traded crypto or hold crypto but merely holding crypto is not a taxable event. They only have to pay taxes if and when they trade into other cryptocurrency or trade into fiat. So basically whenever they cash out and this is also another question when cashing out, you know how there's stable coins in the crypto market that's pegged to the US dollar so for example if someone sells bitcoin to a stable coin is that a taxable event? Yes that is. Okay so it doesn't matter and it doesn't matter you're saying it doesn't matter which coin they trade into. If they make a transaction from one coin to another coin each time they make that transaction it is a taxable event. Any transaction into one other coin and vice versa from a coin back into Ethereum or Bitcoin that's those are all taxable events. Okay so it's not only a taxable event if they cash out into their bank account let's say. Correct it's not that's a misconception. Many people think it's just a taxable event when they cash out into crypto but it's not. It's any trade whatsoever anything besides a purchase only thing that's not taxable quite frankly is a purchase into cryptocurrency. So many people use Coinbase, Gemini as their initial deposit into cryptocurrency world but anything after that it's pretty much taxable. Okay okay so yeah that definitely I know that's definitely going to answer a lot of the questions that we get because we get that question all the time I always see that question. So then what's the difference now for because I know there's a difference between short-term trading as far as taxes and long-term holding for people that are that are hodling hold holding you know. So what's the difference in taxes when it comes to those two different things? Well the tax rate as the tax rate on the short term is ordinary ordinary rates the tax rates which which can range from anywhere from 15 to 35 percent. The tax rate on the long term is typically either zero 15 or 20 percent most people are paying 15 percent. Now the qualifications are it's the qualifications are really simple and it's a lot of people know this already so I may not be saying anything new but for people who don't know it this is news for them. If you're holding a certain position for more than one year that is a long term sorry more than one year that lost a long term capital gain that's 15 percent anything less than a year is short term. Now a lot of people know that already right what some people don't know is you're able to kind of pick and choose whether you want to use long term or short term on a certain position. For example if you bought bitcoin in 2013 and then you bought another position in 2015 and then you bought another position recently in 2020 and the end of 2020 during the bull run. Now if you make a trade in a few months from now you have you have different positions where you purchase bitcoin. Now if you use a LIFO which is last in first out you're going to pay short term capital gain rates because you're going to be liquidating something that you bought within a year which was end of 2020 but if you're using FIFO then now you're using the position you bought back in 2013 which most likely was a much lower cost basis so you kind of have to do some tax planning around that. Now as you know in that scenario more likely than not if you use FIFO you pay less tax because you're going to deal with long term capital gains versus short term but your cost basis is much less most likely because back in 2013 I don't even think crypto was around 2013 so that might be a bad example but the cost basis was much less in 2013. So that's where tax planning and strategic comes into play on whether you should use short term or long term and there's other methods you can use you can use specific identification which is literally choosing you don't have to use LIFO or FIFO it's always best to be consistent from year to year otherwise you can get audited from the IRS trying to be to audit within IRS you may have to hire CPAs and tax attorneys that can give every costly so you might you so specific identification is a method where you can use specific lots you don't have to use LIFO or FIFO you can say hey I want to use this position for this for this sale and whatnot so that can all you can pretty much alter in and out of LIFO 5 short term and long term in the same year. So how do you how do you choose like which one you're selling do you have to sell like the exact amount that you bought like in for example 2013 so that you can you know what I mean like if you bought back in 2013 and you bought let's say in the last 12 months how is it that you know how do you know which one to do you know what I mean. Yes well you should be or your accountant should be using a software of some sort to kind of track your crypto taxable events there's many out there there's one there's some there's some better than others so what you do is you use a software you can use Excel if you really want to be old school but we recommend using software the software should plug into your exchanges and wallets the software depending on the it really depends on the software that you're using right however robust you can do this because trying to do this on paper is almost impossible unless you're unless you only have a couple of positions and it's easy but if you're a trader or if you're trading amongst different exchanges it's almost impossible to kind of do it manually on an Excel sheet so the software if you have a sophisticated sophisticated software you can you can leverage the software to determine whether you want to use specific identification LIFO FIFO HIFO which is highest in first out and LIFO which is lowest in first out got you okay awesome awesome is there any specific software that you recommend you know we typically we have a wholesale account with coin tracking dot info we also like coin tracker those are those are the top two that are like there is also bitcoin dot tax you know they all have their ups and downs you know but typically yeah i think coin tracking dot info and coin tracker are probably the most well-known ones and the good thing about using a well-known software like that is you know it kind of in case you do get an audit from the irs you know at least at least one can say hey i use a software to help me out here's all the proof that i used it i did all my due diligence right and then they do they do a decent job and kind of having an audit log on what you did perhaps okay and so what are the what are the odds that you're gonna get audited by the irs it's tough it's a it's a tough question because we have clients who got a 1099 from coinbase gemini for obscene amount of money i mean one client got a 1099 for like north of $300,000 and and and and to him it was ridiculous because he never he never made that much money right what coinbase or coinbase or gemini whoever gave him that 1099 was doing was they were taking the proceeds on any trade or sale and treating that as a taxable event for example if he had taken $10,000 of bitcoin and traded it for your Ethereum the gain on that sale might have might have only been $1,000 but because of the gross the gross the gross sale was $10,000 coinbase gave him a 1089 for the gross sale $10,000 so it was completely completely unfair that happened many times maybe one too many times and uh that's out of anyone's control that so the client didn't do anything want to trigger that audit uh that was i think that was a mistake on coinbase's and gemini's end and it's a little inconsiderate on their end to give a 1099 to someone for that amount when they know when they know for sure it's not even accurate and then now they're creating a mess for that individual with the IRS because if the IRS deems it to be correct which it could do because they didn't have to fight it in court right you're subject to no taxes now the chances the chances of getting audited could happen you know it all depends on how much you report and they report accurately you know most of my clients uh we report every you know we we recommend to report everything because the chances of an audit could happen you know if for some reason gemini does give a 1089 and you're not you're not aware of it and you didn't you didn't report gemini on your tax return right that could that could lead to an audit so you know we always we always sell clients make sure you're reporting everything because even though iris is not up to speed on every exchange and wallet and only decentralized exchanges they they have uh they do have personnel that are specialized in cryptocurrency okay so i guess i guess that leads me to the next question which is how does the iris track you know people's bitcoin or how is it that they find out whether or not you have bitcoin if you don't report it well that's a good question i mean down the line there might be subpoenas to finance coinbase to get good records um you know if they have any suspicion at all down the line you know if they see bank if they see transfers in and out of your bank account from these exchanges that that can lead to something you know most most people you know we have some clients that just want to report one or two exchanges they may they may only want to report the the u.s. exchanges like coinbase and gemini but they may not want to report like foreign exchange like liquid or coolcoin and i always tell them yeah okay but do you think the iris thing is the only trade on coinbase if you're active trading on coinbase more more likely than now you are trading on other exchanges so that could lead to an audit how they're doing it you know that thing they just probably have a task force that are assigned to this maybe maybe you know big brother is watching somewhere and uh right able to get this data now do you think if you're if you're trading larger amounts of bitcoin and you have larger positions you're more you know the odds are are higher i guess of you being audited versus if you're just you know maybe have a thousand dollars or less well if you're reporting everything see it all comes down to the individual right because if you if you if you have large transactions but you're reporting everything you don't have nothing to worry about right and if but you know you know if you report it if you're only showing small transactions but in reality you have big transactions that you're not reporting you're probably at a higher risk it's someone who has larger transactions but reporting everything right so uh my next question that I have here is um how how do you get taxed when it comes to like staking coins or uh earned interest because now there's a lot of websites now that they're offering staking and earning interest for just holding your crypto there how does that work that's essentially just like any interest on a bank account okay that's also that's considered that's considered ordinary gains ordinary uh ordinary okay so so you would be taxed kind of like uh dividends holding right dividends in stock market okay correct yes okay awesome let's see what else we got here so of course you know this is this is a question that um we're gonna get um are there any legal loopholes for bitcoin legal loophole which i recommend to clients is using something called the wash sale rule wash sale wash sale wash sales are typically disallowed in trading stocks a wash sale is an example let's just say it's december 31st and you have a large potential taxable year crypto so to say your your mate your you know if you don't if you don't do anything you're gonna have a half a million dollar uh taxable gain for the year right now let's just say you're you're holding an altcoin that's that that's at a loss but you you believe in this altcoin you say hey you know it's december 31st let me sell it and buy it back in an hour because i just want to i want to take a let's just say that altcoin is in the red it's at a loss position you want to take that loss on that altcoin and then just buy it back in an hour this way you still have position in that altcoin but you took the taxable loss that in stocks is not allowed that's something called a wash sale rule and that loss is typically postponed until you actually liquidate out of the out of that stock but in crypto you're able to technically take that loss and then just buy it back and it's treated as uh attack two different events because crypto is treated as a property it's not treated as security or right commodities yeah i always i always try to tell people to keep it simple you know people get confused with cryptocurrency attack station because it's like it's an intangible right i always try to tell people hey you know instead of thinking of it as crypto think of it as physical items that you can relate to right this is literally treat them as cars treat them as Lamborghinis right if you buy if you let if you buy a Lamborghini that at a thousand dollars and it goes up to ten thousand dollars and then in any trade it for uh in any trade it for private in any trade it for ten thousand dollars worth of of gold you just bought you know you have a nine thousand dollar taxable gain because initially you paid a thousand dollars for that car right now you're getting ten thousand dollars with the gold so that's always try to tell people to think of it in terms of property right physical property okay awesome yeah that makes that makes total sense man the next question here i think you're ready uh covered it but um do you have to pay any taxes if you're just holding and haven't sold so i'm guessing that's unrealized so you don't get taxed on that technically no if you just simply bought and hold you don't have to pay taxes on it but you should report it in a tax return at least for 2020 that you have financial interest in cryptocurrency okay and another thing is you know speaking about that now if you're holding cryptocurrency you know i i used to get this question a lot about f bar which is reporting foreign assets some people think that if you are holding cryptocurrency see on liquid or these decentralized exchanges that are based overseas you have to report that as foreign foreign assets because if you have liquid assets in excess of ten thousand dollars whether it's cash life insurance cash value in a life insurance or anything anything like that you do have to report it on f bar uh so like but being but if you have a house in in like say columbia or whatever like europe yeah you don't have to report that because that's not that's not liquid assets that's not cash so now being that cryptocurrency is treated as property we always tell people hey don't fill out f bar because it's not it's considered property you don't have to report any other property right so we keep it consistent with that got you okay that makes a lot of sense so i i guess this next question just because you just touched on it a bit here um so like you said on on foreign exchanges so um there's a lot of people in the us that are using you know vp ends to trade you know on a different exchange that the that they're not technically allowed to trade on so how do you do how does that work when you're doing something like that yes uh well from a tax standpoint you know you're subject to you're subject to reporting worldwide income on a tax return so if you're if you're sitting in new york or miami or la and you have a and you have a vp end in china or korea or wherever you're still required to report that income on your on your tax return so you know just because just because you're trading on a vp end that probably gives you advantages to trade in another another exchange if you can necessarily change exchange in the us but technically that's that's still a portable income okay so you just report it like you know whatever the same way you would report anything else even if you were correct trading here okay got you what happens if we don't pay taxes on our crypto well you're you know the worst case scenario you go to jail uh best case scenario no one finds out and everything in between right we always advise clients to report it because you're better of reporting it and paying the tax if anything now what happens is and especially in 2018 as everyone remembers that was a bear market now if you have a lot of losses in 2018 you better of reporting it because if you have a bull market like we have now you can maybe offset those those losses that you incurred in 2018 against a 2020 bull market right so you know if you don't report taxes you know typically irs has unlimited statute of limitations to go after you right even if it's even if it's 1015 years until they figure all this out right if they find out in 2035 pay back in 2020 uh joe schmoe didn't report this decentralizing change and by that time they're all they're all caught up and they're all advanced and be able to figure this stuff out there's no they can go back indefinitely and and thank you so just because they may find they may they may not find out this year or next year or even for the next five years right they may find out in 20 years right so okay so so you're saying that you know basically obviously as time goes on they're going to get better at being able to track this stuff so so 10 20 30 years from now they can look back and see that you didn't claim taxes on that and they can go after you for that is what you're saying technically speaking they have there's no limited stat they know statute of limitation on fraud now if you're knowingly don't see there's different levels to it right uh that's the worst case scenario is where they have they can go unlimited statute of limitations right is limit there's different limits to statute of limitations with tax um if you're knowingly fraudulently don't report something and iris can confidently say that hey you knew you had a reporting requirement you didn't report it that's considered fraud because you knowingly did something that has no statute of limitations but if you accidentally omitted an exchange right accident because you didn't know how to report it or you just totally forgot you didn't you know whatever that that can be a little different that i think they have three or seven years of statute of limitations so there are different years so how how do they prove if you knew or you didn't know like can't anyone just say whoops i didn't know that's the judge's job right okay got you that's like any other court case yeah okay let's say you have you have crypto but you haven't you know cashed out to your banks or anything like that and and you know they come to audit and you'd be like well yeah i had crypto but i forgot my private keys so i can't access it you know so so what happens then well you have to do your best that's you have to use reasonable estimate we have clients who you know they might have got hacked or they might have doing they don't have their keys they can't get access the exchange was a sham like you know there was a several out there which you know like i think bit for next a lot of people got stand on bit for next right a lot of people lost lost money and stuff like yeah right right so those are in those situations those are situations we just use we you know you typically have to use your best reasonable estimate and you have to you know you should document that here this is what i did to report this on that more as accurate as i possibly can okay so with that if you got let's say you got hacked is that considered a loss yeah it's almost like that's that's a great area okay you know because it's very new concept right it we you know typically getting hacked is the equivalent of someone stealing your car right because it's property right and someone steals your car you can't write that off right but if someone steals your business vehicle you can write that off right i say that because your cryptocurrency you know cryptocurrency you're trading it's they're all capital assets now someone steals a capital asset one can maybe make an argument that that's a capital loss right but one can also make an argument that's a that's a theft such as someone stealing your car or your bicycle right so it's a great area that's that's so if you someone and one takes a position that is that it's a capital loss they can offset capital gains and you know it goes on the schedule to 8949 and you be able to write off three thousand dollars of capital losses every year and then they can add to that and you can you can take those capital losses and definitely take three thousand dollars per year and to exhaust all of that got you but if you take it as a if you have a if you have an accountant or a lawyer who takes it as a position of a theft that they just wouldn't even report it okay okay that's definitely very very interesting because i know that's a topic that comes up a lot um in the crypto space this goes for for a business or for anyone especially now uh with nfts and all that going on now you know people getting paid for services in cryptocurrencies so how how does taxing work if you're paid in crypto because it feels like it might be is it two taxable events because is it a taxable event when it comes in and then another taxable event when you go out of out of bitcoin into something else how did that work it's just like any consulting gig if someone pays you if someone pays you in uh in Lamborghini if someone gives you a Lamborghini as compensation that's that that Lamborghini is treated as income uh and if you sell that Lamborghini at a if you keep that Lamborghini as a capital asset in your business and you sell it at a loss or a gain you have a taxable event so just in crypto if someone if someone gets paid in cryptocurrency that that in itself gets reported on as as no ordinary income and then if you you're gonna have expenses against it you can expense like you know electrical expense travel maybe take out a client reasonable technology expenses etc office supplies you can expense against all that and then now and then when you sell out of that cryptocurrency you you will have a capital loss or capital gain as well so it is a two part it is a two part event okay so you get taxed when you get paid on whatever it is you get paid and then from that moment on if that goes up or down then you're gonna either have a capital gain once you sell or a loss when you sell right yeah yes it's like getting it's like any other business okay you get you get paid and then you should be doing some probable keeping to offset your expenses against it as much as you can right and then you you sell out of it and have a capital loss so you get you get taxed in your net income not just a gross income right okay okay so that's definitely a very interesting one there so is there a minimum or maximum that you have to declare when dealing with cryptos or just anything that you have i would report anything you have i mean outside of cryptocurrency i have to double check this but if you have you don't have to file a tax return if you earn less than the standard deduction so if a 2020 the standard deduction i believe is 12600 okay so if you don't if you earn less than 12600 you don't have to file a tax return okay but if you hold cryptocurrency maybe you don't have to report that either but i would report it anyways because capital gains is a different tax bracket different category than what earned income right you just want to be extra compliant and report it anyways okay but there's no minimum or maximum i mean look if you're talking about a dollar right i mean yeah obviously you don't know right before a dollar right but i think once you once you start crossing the several thousand dollars like at least one or two thousand dollars i would say that's enough to start reporting it but anything less than anything less than like 500 anything less than 600 plus it's kind of suddenly considered nice okay okay i think 600 is it's a it's the magic number okay over 600 600 dollars got you so from your experience how much do you think someone has to be making before they they can start considering a using a CPA or an accountant or you know a specialist in this field i would say at any given point because you know you you because people people can go from investing a thousand i've seen investments go from several thousand to end up being a couple hundred thousand dollars than a matter of weeks or months which i'm sure you have seen it too especially in the all in the all the world so i would say if you're investing you know definitely uh please consult with consult with consult with the cpa or an attorney or accountant if you know what you're doing you can use these softwares and do it yourself perhaps it's like the turbo tax accounting right but um if you want sophisticated advice and someone do it for you some people don't know what they're doing but uh but some people are savvy enough to just google it right uh that's fine go for it but i would say it's always wise to use a cpa or accountant because you know a they can consult you b they're signing off on the tax return c a saving you a ton of time and you can just focus on your trading then we'll have to worry about the admin and taxes and accounting because if you make one mistake on the tax return which could happen especially if you're using different exchanges and wallets and we're doing ic we have clients who are doing icos you can get really complex and to try to figure all that out you know it's it just doesn't make sense you know and then your mouse was higher in accounting um you know we have clients who are w2 employees and we have clients who are self-employed and have their own businesses and all all of all of the above and you know they always reach out because they don't know what they're doing they know how to trade right you know to make a lot of money in crypto but as far as and it's when i enjoy that money partying right go for it but then when it comes down to tax and accounting you should you should hire a professional this way you're you know reporting everything properly you're getting the best tax advice you know you're getting that consulting whether you should you should use life for a fight for right so it can be like anything i mean people can go in create create llc's online and setting using a lawyer but then when when push comes from sub and push comes from sub and you get sued you know those those online platforms where you formed your llc may not help you in court right and if you if the other if you're if you're at the opposite party had a lawyer who drafted the documents so just like anything else you know if you do it yourself online you pay for what you get right it might be a little cheaper but you hire a professional you have the backing of a cpa who knows what they're doing right and would you say in in your opinion that with using a cpa in the long term is going to save you more money than if you just try to do it yourself uh it depends it depends if you're just trading on one if you're just trading on one exchange then you know you can maybe do it yourself um but it depends what's going on because it's like i i think in the it's it's it's such a taxes and like anything else is such a personalized topic right depends on the individual because if you're if you're just if all you're doing is trading and you have one exchange yeah you can go ahead and probably do you do it yourself but you know if you if you have if you have if you have a job you have your trading stocks if you have real estate if you have if you have other businesses that you're running and you have a lot of float through income and you have a consulting gauge then I would say it's you know if you try to do everything yourself you're just gonna it's gonna be difficult to kind of manage all that right um and you can probably when you save more money in the long run maybe maybe not but you will save yourself time and you will save yourself a headache right um time time is money time is money especially and exactly so you know at the end of the day the money you spend to do it yourself is it's not that much it's it could be a little it could be it's but it maybe could be a fraction of what you pay a CPA right but I know if you use a if you use those online tax softwares you know I don't want to say the name it's just to protect their trade marks and everything and you pay for these uh these crypto tax softwares you combine those two fees it's not it's it may still be less to paying the CPA but if then you incorporate the time you're spending and burning your wheels I think in the longer you are better you just better you might save you definitely save time and you know you could say you could save money in the longer because it goes again if you're trading for the long term a good CPA could set you up more properly in the beginning right advising you to use life of life of right identification you know we especially if you're mining a good CPA can you know consult you on taking proper mining deductions right um if you're a full-time trader you can maybe take your home office deduction travels you may not know all that but that solves them with a good CPA right you got you got you okay that generally yes I think it always makes sense okay and then doubt you should at least have a consultation right yeah for sure and like I said you know especially when when in the crypto space that everybody knows that you know bitcoin's main value is scarcity I believe that time is just as scarce if not it's more scarce than bitcoin you know what I mean so so definitely if you value your time I I I definitely believe that you know it's money well spent as well let me see what a percentage should people put aside you know when they're trading a good number is always around 20 to 25% okay so that's that's more or less the average that people will be paying on that yeah yes I mean because if you're trading short term or long term uh 20 to 25% should put you in a good position okay awesome have enough money set aside awesome and the last question we've gone over all these questions um the last question I have so so lately the the craze is NFTs so and and I think people are under the assumption that if they just buy an NFT with crypto that they don't have to pay taxes on that crypto so can you clear that up for me um whether you're buying NFTs or selling I guess NFTs yeah if you're buying NFTs you have to pay tax because any any purchase it's like it's like any other trade so if you buy if you bought bitcoin at a dollar away it went up to $10 and then if you buy an NFT you're buying $10 with an NFT you have a $9 taxable gain and when you sell a lot of that NFT at a profit or loss into back into crypto that's another taxable taxable gain so so it's again it's two taxable events here you get a taxed on the purchase and then it's also a taxable event if you sell so if if you hold you know an NFT for over a year then is does that change from short term to long term yeah so if you buy into an NFT and you hold it for more than a year then that NFT for sell back into the crypto is a long term capital okay awesome so that's that's definitely interesting to know especially right now with all the the new craze NFTs and you know people making money with NFTs people buying NFTs and all that so um I think I pretty much touched on everything that uh everybody was asking me uh the you know all the main questions I was getting I think I touched on um you know questions that I had myself for you is there anything else that you want to add on um if not um you know just tell us a little bit about where anyone could find you if they want to have a consultation with you yeah so one thing that we maybe we should have touched on is like kind exchanges uh that was a very common situation people thought trading one crypto for another is like kind exchange but back with the the tax job card act um that passed in 2018 or 2016 my kind of exchange is only applicable to real estate so trading any crypto currency people thought is a tax deferred event until you actually sell into fiat but that's the only thing that maybe people should be aware of um anyone anyone can find me uh my website is commercecpa.com you can reach me on my cell phone number 347-6400-823 that's 347-6400-823 my email address is vik b at commercecpa that's v-i-c-k-b at commercecpa.com we're based in new york but we have clients all over the country and all over the world um we have a we have a solid team of uh iso worker e y and other staff who are also all the big four a great team of international tax trust the states uh consultants we do audits reviews we we help out with ssc uh ssc audits as well we have clients who or raise money and you know make bvi or came in and ssc matters to pina them because of you know back in 2017 there were many ico so a lot of these companies are being subpoenaed because there was a lot of fraudulent going fraudulent money moving going around so we we actually have been engaged in doing forensic accounting on where those tokens were moved you know we're working on some some cases right now uh as well so that's so we do a lot of complex complexity so we can be a great resource for anybody anyone can reach out for a consultation and um i'm happy to help out awesome man i appreciate it so much vick and and for everyone listening right now and watching this video i'm gonna go ahead and put all his contact information in the description of this video so that you guys have access to that as well and so that you guys can reach out to to vick yourselves and and get a consultation yeah one one one more thing we've actually featured in forbes as you can see um in the background as a top crypto accounting provider awesome awesome vick thank you so much man i appreciate your time so much we we basically been on for for 45 minutes almost an hour i really appreciate you coming on and answering all these questions man um you know hopefully we'll have you on again at at some point you know maybe maybe next year we'll do we'll do a part two to this video yeah sounds good awesome awesome vick thank you so much man appreciate it anytime see you later all righty guys i hope you enjoyed this video i'm very excited to have had vick on here to answer all the questions i wanted to make sure to get a professional for you guys um to answer all your questions because i didn't want to give you misinformation so if you didn't make sure to smash that like button if you guys are 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