Crypto Tax Crackdown Coming In 2024 [Don’t Make This Mistake]

How to use Coinledger to file your crypto Bitcoin taxes.
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00:00 Intro
00:48 What is Coinledger
03:48 How To Use Coinledger

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The IRS has stated that the top priority of its criminal investigation unit is to crack down on crypto tax evasion and that could be you because far too many people are simply not reporting because they don’t actually know how to or what to do or they have reported incorrectly which is still

Going to get a bit of an unwanted knock knock knock on the door from the tax man and if you’re thinking well no worries I’m not in America it’s not my problem well basically every other tax agency globally is coming after crypto tax voiders or those not filing correctly

You’re not going to be exempt you need to take it seriously so that’s the bad news the good news is that it’s easier than ever to actually do your damn crypto tax reporting and there is an even quite amazing and free piece of software that you can use to do it with

Does that sound pretty interesting well it is and it’s called coin Ledger the sponsor of today’s video you will find a link Down Below in the description where you can get signed up to coin Ledger for free but what is coin Ledger and why should you consider using the software

To do your crypto taxes and I know I know before we get into it there’s gonna be some guys down there in the comment section screaming taxation is the or how dare I say that people should pay their taxes I know taxes suck but they’re unavoidable death and taxes right and

You can enjoy telling your theories to the tax man when he comes knocking at your door because you didn’t take your crypto taxes seriously enough so let’s get into it so what is coin Ledger coin Ledger is the highest rated crypto tax software platform in the world it’s used

By over half a million investors to help them prepare their taxes every single year coin Ledger allows you to easily calculate your gains and your losses and your income on your cryptocoins and even your nfts of course all that’s also done in your local currency basically it is the Turbo

Tax of crypto in fact coin Ledger reports can even be imported to Turbo Tax tax act and other major tax filing software and they’re also official partners with TurboTax this is completely free to use software and has been integrated with over 500 different cryptocurrency wallets cryptocurrency exchanges of course cryptocurrency blockchains meaning that

It is super easy to import all of your historical transactions into the platform to easily calculate your tax burden yes they even do nfts as mentioned and they even do defi stuff which can be totally crazy tax-wise so it’s really awesome coin ledge is available in the USA Australia

The UK Ireland Canada South Africa India Germany Japan Sweden Switzerland New Zealand New Zealand France Spain Denmark all over the place so a huge range of countries that likely includes most of you watching because I know most of my audience is an English-speaking audience coin Ledger only charges you by the way

To download their reports otherwise it’s free to use those reports can then be imported to Turbo Tax or sent off to your regular tax guy to make everything really really easy to do otherwise again you can sign up for free using the link in the description which you will need

To have done and order to do the next step of this video where I’m going to show you exactly how to use coin Ledger we’re going to look at how to connect a wallet how to look at transactions how to sort through transactions and how to generate a report it’s really easy let’s

Do it of course you have to do the basic stuff when getting your account set up you have to have an email address you have to create your own password all the usual sorts of stuff once you have your account set up well we can start doing

All the fun stuff we can start adding accounts adding transactions all these fun sorts of things so you can see here we’ve already have a few accounts that have been added some coinbase accounts some C coin accounts ethereum salana Etc so lots of different accounts already

Added here what I’m going to show you how to do is how to add a Solana account but first let’s just have a quick look here click on add account and you’re going to see they have all kinds of different options ethereum blockchain coinbase centralized exchange metamask wall coinbase proo crypto.com Bitcoin

Wallets Ledger live and on and on and on there are so many options that you can be using here it’s kind of crazy how many they have now what we’re going to do is we’re going to add a salana wallet here so click on salana great we’re going to Auto Imports

We need to connect our salana wallet by clicking up here to grab our address out of our Phantom wallet paste it in here click connect wallet great and our transactions are being imported now this is actually an empty wallet just for the example here

But you get the idea of how easy it is to do to import one of these wallets in here now what if you want to do an exchange account we’ll go back to add account we’ll click on coinbase again as an example and we have different options

That come up here so you can actually download the transaction history file from your exchange and upload that to coin Ledger you can of course Auto Import by connecting your readon apis now this is going to be in your settings on coinbase to find that read only API

It’s very easy way to connect your account though or you can do manual inputs to add a transaction manually every once in a while this is going to be a feature that you’ll want to use as well maybe something’s not showing up exactly the way you think it should be

Showing up up you can do a manual input here as well but otherwise you’ll just want to upload that file or do an Auto Import from The Exchange we can see it’s very very easy to add your accounts here now that we have our accounts added we

Can click on transactions and have a look at what is going on here and you can see all the transactions that have been taking place here right the way back through history pretty cool stuff you can see December 7th 2017 a Fiat on coinbase for ethereum right on back through so that’s

Great you can see all the transactions have been happening here on coinbase of course right down through history plus of course your other wallets we have metamask wallet added on here we have uh other wallets added on here as well so you can see everything everything everything everything that’s ever

Happened every transaction you’ve ever done which is pretty damn cool now of course you can sort through this absolute jumbled up Mess by selecting individual accounts for example let’s say you just want to look at that Solana account well then you can do that let’s say you want to just look at that

Metamask account you can do that as well so you can see only the metamask transactions here now let’s say you would like to look at it a different way maybe only by assets so only the Bitcoin only the Bitcoin that we have bought and sold during that time maybe you want to

Look at the inflows the outflows a specific date range a specific blockchain chain address a specific transaction type I only want to look at my Fiat buys or my Fiat sells or only look at my adding liquidity positions on di protocols for example lots of different options here

To let you sort through and make sure that all of the information is correct or if you want to reference something from the past it makes it really really easy to do that as well and of course the final step here is going to be downloading your tax Force again this is

All very very easy guys at coin Ledger are trying to make this as easy as it possibly can be because guys let’s keep it real taxes are paining in the ass aren’t they so if it can be easy let’s make it easier that’s what coin Ledger

Is doing they’re helping you to make it very very easy so 20123 tax report minus 260 bucks in capital gains on this demo account here we can see capital gain shortterm long-term total end year position income staking mining interest airdrops air drops they have aird drops

Here for you too all the stuff that you need in order to be able to make sure that you’re well paying the tax man’ what is properly owed you don’t want to pay more than you need to pay but you also don’t want to be screwing up and

Getting that knock at the door from the tax man because he didn’t file things properly you can see over here tax Port downloads you can get IRS forms lots of different IRS forms there different tax filing software forms Turbo Tax tax layer Tax Act and others as well as CSV

Reports which is something your accountant might want for example so all these different report formats are available here for you making it very very easy to download and file your taxes properly which is pretty gosh darn cool of course you can add your tax professional up here too if you have an

Accountant who knows something about crypto well me you can add them here as well and they can have access and dig in deeper if they need to but let’s actually click on tax filing software here and download generate one of these reports we’ll do it for Turbo Tax online

Here and click on generate and that’s going to start generating you can see how quickly it came through not much data in here for this one if you have a giant giant big onchain activity well maybe it’ll take a few more seconds to do click on download there and bada bing

Bada boom easy okay guys that’s it easy to use easy to set up and now you’ll be able to handle your taxes confidently with the coin Ledger software final thoughts here for you look taxes are serious I know they’re a pain in the butt but tax agencies are definitely

Stated that they’re cracking down on crypto tax avoidance so don’t wait to get your house in order use the software to get ahead of the game here and make sure that you are doing it correctly and that you’re not making mistakes and you’re filing your crypto taxes correctly because that can also again

Get unwanted detention from the tax agency just do it right pay your taxes and move to Dubai if you don’t want to pay taxes anymore until that happens download coin Ledger check it out thanks for watching the video and I’ll see you next Time