This week on the podcast, I talked to Laura, the Crypto Tax Girl, about my tax situation surrounding Koinos. If you're in the US and unsure how to file your taxes properly for the snapshot, mainnet launch, proof of burn, or depositing your Koin in a burn pool, this episode is for you.
Laura is a CPA specializing in cryptocurrency taxes. You can use this interview as a guide for how to handle your taxes, but be sure to check with your own tax advisor before implementing a new strategy. Your situation may be different than mine.
Taxes aren't the most glamorous topic, but I believe it's important to discuss openly. Cryptocurrency and blockchain are important tools for protecting the rights of individuals, and certainly can be used to fight back against corrupt governments. However, in my opinion, that doesn't mean crypto should be used for anarchical circumvention of taxation.
I'm a US citizen and I plan on having a long and fruitful life here. If that costs me a percentage of my Koin, I'm willing to pay it. It seems a lot of people in crypto choose to set up off-shore companies or otherwise move to avoid taxes. I have my opinions on tax rates and how tax money is used, but I prefer to keep my money on-shore. This may not be the smartest strategy for minimizing my tax burden, but it sits right with my conscience.
Whatever your plans are for your taxes, I hope this episode helps you think through how to handle your Koin.
P.S. I don't like taxes.