The IRS Is Cracking Down on Crypto Taxes: What You Need to Know

Chandan Lodha, the cofounder and CEO of CoinTracker, talks about the 10,000 letters the IRS sent to cryptocurrency holders last week, what kinds of letters were sent, what recipients should do depending on what type of letter they received and how the IRS even knew who to write to in the first place. Plus, we discuss which types of transactions are taxable events, where the tax laws still need further clarification, and which types of changes he believes should be made to tax law.

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Episode links:

CoinTracker: https://www.cointracker.io/

Chandan Lodha: https://mobile.twitter.com/cglodha

IRS sending letters to 10,000 crypto holders:

https://www.wsj.com/articles/irs-sending-warning-letters-to-more-than-10-000-cryptocurrency-holders-11564159523

https://blog.cointracker.io/irs-sends-letter-6173-6174-6174-a-cryptocurrency-warnings-what-to-do/

https://www.forbes.com/sites/kellyphillipserb/2019/07/26/irs-sending-warning-letters-to-more-than-10000-taxpayers-about-cryptocurrency-reporting/#553158e35d3b

IRS press release: https://www.irs.gov/newsroom/irs-has-begun-sending-letters-to-virtual-currency-owners-advising-them-to-pay-back-taxes-file-amended-returns-part-of-agencys-larger-efforts

CoinTracker guide to filing crypto taxes: https://www.cointracker.io/bitcoin-taxes