Tax Experts Offer Crypto Tax Advices On Laura Shin’s Podcast
- Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker were invited as speakers on the show.
- The tax experts discussed the IRS’s approach to crypto taxes, staking rewards to NFT royalties, etc.
Crypto journalist Laura Shin hosted the latest episode of her podcast ‘Unchained’ with tax experts Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker. In the episode, the professionals discuss how the Internal Revenue Service (IRS) is approaching crypto taxation.
The podcast addresses how the turns and events in the crypto world are going to affect crypto taxation in the United States. The two tax experts are seen intensely analyzing everything in the crypto world, including staking rewards and NFT royalties.
“What’s new this year when it comes to reporting crypto transactions?” asks Shin as she begins the podcast, to which Chandrasekera replies, “IRS has updated their crypto question in the 2022 tax form,” where he says they have replaced “virtual currency” with “digital assets” since 2020.
Also, Chandrasekera adds that digital assets is a broader term that includes NFT, blockchain technology, and other cryptographically secured assets. Zlatkin contributes to this by saying that staking has been added to the question.
The tax experts go on to explain various other things on crypto taxations, like analyzing which kind of crypto transactions are taxed, whether it be receiving, selling, exchanging gifts, or otherwise disposable digital assets.
Furthermore, they discuss how capital gains tax works, what the taxable events are, how crypto traders could report taxes, and how events like bankruptcies, capital losses, rug pulls, scams, and thefts will be dealt with. They also speak about staking, infrastructure bills, and NFTs.
Toward the end of the episode, they provide more information for the audience about the tax system in DeFi, forms, and corporate taxes. The episode ends with Zlatkin offering a piece of advice to the audience to “not make the mistake of not reporting taxes, no matter what the excuses may be.”
As April 18 is the deadline for crypto traders to report crypto taxes, a Twitter user is seen commending Shin’s episode as a timely one and calls it “pure gold!”