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In this video, I discuss my six-year journey in the cryptocurrency market, highlighting the transitions between bear and bull markets and the importance of understanding and managing crypto taxes effectively. I emphasize that proper tax handling is crucial for success in crypto investments. The main focus is on demonstrating how to use Coin Ledger, a tool I’ve found incredibly helpful for simplifying crypto tax processes. I showcase its ease of use, particularly in importing data from exchanges, tracking staking income, and managing transactions from different crypto platforms like Coinbase, Cardano, and Metamask. The video also covers the concept of tax loss harvesting in crypto, differentiating it from stocks due to IRS rules, and explains how it can be beneficial during bear markets. Additionally, I provide a brief overview of the pricing tiers of Coin Ledger, emphasizing its value and efficiency in handling crypto taxes. The video is intended to guide viewers in navigating their crypto tax responsibilities more effectively and is sponsored by Coin Ledger.

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Intro 00:00
This will make or break your crypto success 00:40
This takes minutes but will save thousands 1:55
Live Coinledger demo 2:45
Coinbase import 3:05
Cardano staking taxes 4:00
Ethereum wallet tracking 4:50
Crypto tax report in less than 5 minutes 5:50
Tax loss harvesting 8:30
Different Coinledger plans 11:05

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Entering a crazy bar Market exiting the bare Market breaking bull market doors and entering a parabolic bull run to alltime highs entering another bare Market exiting the bare market and right now getting ready to break the next bull market doors for the next parabolic bull market to all-time highs that we’re

Hoping to see this has essentially been me tracking this crypto Journey around six years on this YouTube channel and many of you on the same exact crypto Journey with me we’re just trying to figure it out we’re trying to navigate we’re trying to invest for the success of our financial futures for our

Families and along that Journey there is so much to learn on this volatile ride this video that I’m doing right now is one of the most important videos that I do once a year now basically and that is to say how to do crypto taxes when when

Trying to plan this and trying to figure this out crypto taxes and doing it properly and anticipating taxes it is the absolute make or break in terms of whether or not you’re going to be successful in crypto it just is what it is so this V this video is one of the

Most important videos that I will do all year long it is sponsored by coin Ledger coin Ledger has been such an absolute blessing to me I want to walk through the coin Ledger product how I use it how so simple it is and I’m going to really just demonstrate very quickly within

Minutes how I use it and that is to say hooking up to exchanges and getting that data off of exchanges without doing it manually hooking up my cardano staking address so that I can track the cardano staking income without doing it manually and also metamask ethereum address and

Tracking what’s going on in my metamask these are like the main three ways that I use it there are a ton of ways that you can use this so please hit the Subscribe hit the like thank you so much to coin Ledger for sponsoring CCV once

Again this year love you guys and let’s just jump into the video want to just first start up start start off it says crypto taxes done in minutes and that is just what it is it’s crypto taxes done in minutes and then at the end of the

Day when you run a report you can hook it up to whatever tax software you use you can just send it to your CPA if you’re using a CPA and it really is that simple so let me just jump right into it and let me demonstrate how it’s done and

What a report will look like and then I also want to discuss tax lost har harvesting because and this is not Financial advice of any kind but at this part of the cycle before potentially we enter a parabolic bull run we’re still beneath all-time highs we’re exiting the

Bare Market I think now is a good time to at least think about it or at least understand what tax loss harvesting is so here’s the coin Ledger this is the report page you can see there’s nothing on here so I want to start from blank for

2023 uh for the year of 2023 taxes and I want to go to import the first step that we have here and you can see I have a couple things going on here I have coinbase coinbase Pro and I’m going to bring into play this is demo data and I

First want to start with coinbase so let’s go to coinbase which we’re on alls I’m going to do is hit browse file I’m going to drag and drop a file and by the way you can hook an API up to just make sure this is done automatically but you

Can also just get the instructions right here read the coinbase file import guide to figure out how to export it from coinbase import it into here I’m going to upload the coinbase demo CSV upload and it’s uploading and and by the way depending on what kind of data that you’re upload uploading it

Could be very quick or it could just take a little bit you can just see how quick that was as I’m talking I didn’t even need to edit this out there’s 835 transactions have been imported and you can just see we got some 2024 transactions you scroll down scroll down

There’s some 2023 transactions so that’s coinbase now if I if I move over to the side of the screen because you can’t really see it and I just move this up you see at the bottom left add account that is where we’re going to be able to

We’re going to click it and it’s going to allow us to basically just choose what we want to do next right so it’s going to give us all of these options and what I want to do next is I want to search for cardano so bring up cardano

Blockchain you hit cardano and then you can see to the left of the page it says cardano right under coinbase Pro and all is I’m going to do there going to click cardo which it’s on hit Auto Import and then I’m going to paste my address here

After it’s pasted I I just import it and we wait and right now doing the same exact thing 15 transactions have been imported from the demo address and you can see for 2023 it’s got some demo transactions in here so the next thing that I’m going to do is I’m going to

Again add an account I’m going to look up metamask that’s right there on the front of the page and I’m going to Auto Import and I’m going to find my ethereum address press sync transactions and you can see it’s Auto importing right now and obviously these are demo accounts so

There might not be as many transactions and that’s kind of why the couple that I’ve done so far have gone quicker now the ethereum metamask address you can just see 1002 transactions imported looks good and you can just right off the bat you can see the transactions

That were just imported none of this being done manually and I can’t even I can’t even tell you everybody the headache and the stress and even the error that this this saves a person and the time it’s you it it just can’t be stressed enough so I have

All those things done imported those main three accounts coinbase cardano metamask and then I can go to step two which is transactions and you can kind of just go through some of the transactions if you want see what’s going on here in the transactions right

That is what it is you you go to step three tax reports and then in tax reports you can see the the stats have changed they’ve gone from I I believe it was Zero when we first started and now there’s negative $367 capital gains $825 of total income and then it’ll break

Down what the income is you can see they’re staking income you can hit staking and you can just scroll through all the staking income that was brought in through that data that we just did and I’m doing this real time I haven’t even really besides just pasting in my

Address I’ve not really done much editing this is truly how long this entire process takes and you have your report here just like that what’s really cool about the report is you can simply go through it and just understand what is what happened in 2023 if you want to

Click and see your short-term uh short-term gains you can see it if you want to see long-term you can see it obviously you can see some losses there in terms of long-term which would make sense for a potential 2023 report and you really get a sense of your your just your

General picture of your crypto tax situation now obviously when you all just enter different exchanges because there are a ton of exchanges if we go back to import and we click Add accounts just look at this there’s there’s so many different exchanges and blockchains that you can enter so when you when you

Enter this this data into this system the report will look different for everybody right but this is what a a sample report basically looks like and it just calculates everything for you and I want to point something really important out and that is to say if you look to the

Right side you can add tax professional you can just simply invite your tax professional whoever is doing your taxes helping you with your taxes you can invite them and give them access to your tax reports also to the to the right of the page you can find your IRS tax forms

All the tax forms that you need you can go hit tax filing software you can if you’re using Turbo Tax or tax Slayer you can generate the report the CSV report that tax Slayer needs to be imported into tax layer just like that based off

Of all of this data and it’s just click of the button and it’s done now in terms of us tracking our crypto Journeys right and trying to navigate trying to figure it out trying to make the right decisions there’s a lot in terms of taxes so I I highly recommend you seek

Advice from a tax professional get somebody to really help you with your crypto taxes besides coin Ledger I think which will save tons of time and money having a tax professional that can really help you with the ins and outs of how to do it properly I think will also

Save a ton of money one of the things they could potentially guide you on is something called tax loss harvesting so basically and I’m just going to read this if you sell your stocks real estate assets or cryptos out of profit you’ll be required to pay capital gains tax

Everybody knows that some investors choose to reduce their capital gains in a given tax year by selling some of their assets at a loss it might sound crazy selling my assets at a loss loss why would I want to do that wait till you just look at the very simple example

This is called tax loss harvesting and you can understand very quickly why this is more suitable makes more sense to do in bare markets as opposed to maybe at bull market highs and as as crypto is breaking bull market highs so right now the IRS has this thing called a wash

Rule in place that’s designed to prevent investors from taking Capital losses and then immediately buying back the same stock so incurring a capital loss on a stock is not allowed if you buy the same security 30 days before or after the sale but here’s the thing the IRS

Specifically states that wash rules wash sale rules only apply to Securities cryptocurrencies are property not Securities as defined by IRS guidance and this means that as of now it’s likely that the wash wash sale rule does not apply to cryptocurrencies now this is the most simple example so stocks

Right here is the first example one Tyler buys $1,000 of a stock the value of his stock Falls to $500 Tyler sells his stock then buys it back immediately look at this Tyler cannot claim a capital loss now on crypto t or Julie buys $1,000 of crypto the value of a crypto

Falls to 500 does that sound familiar potentially to a lot of people we’re we’re all holding a lot of crypto through bar markets so yeah that does kind of seem familiar Julie sells her crypto then buys it back immediately Julie claims $500 of capital losses such

A simple process and again I don’t want to sit here and give tax advice on hey go do this but it’s something to discuss with a tax professional in terms of how you’re navigating your crypto Journey how you’re doing your taxes and how you’re just finding the the best ways to

To do things properly right in the right way but also that are going to help you on your crypto journey to make sure you’re you’re maximizing your your tax reports and your returns and all the things that you’re doing so if we go over here I just I want to go over this

Because it is just I can’t say this enough and it really depends on the tier each tier is really broken down to transactions right so the hobbyist $49 $49 and you’re getting this everybody you’re getting the reports you’re able to come in here and do everything you

Need to do for $49 now it’s up to 100 transactions it’s it’s a no-brainer in my view and then we go to investor so transactions up to $1,000 999 but each level and this is just my view this is my take each level in terms of the transactions that you’re doing in

Crypto it becomes even more worthwhile to spend the money to do it properly and to make sure you are maximizing the return and the fact that the most expensive one is 1999 Plus for 3,000 plus transactions it’s just mindboggling how good of a deal it is it

Has been such a good deal for me over the years using coin Ledger and I can’t say this enough everybody go get set up with them if you want to just sign up with their free account get started with them 14-day money back guarantee go do

It everybody hit my link below it it says crypto taxes done in minutes and I can’t stress that enough you just saw it it is done in minutes they are one of the best products in all of crypto again I love the team thank you for sponsoring

CCV over the years keep doing what you’re doing I just saw this earlier today coin Ledger join the weit list a reimagine portfolio tracking experience so track your digital assets across all of your wallets right within your coin Ledger account so having all of the crypto tax stuff with portfolio stuff

It’s just is such a nice just nice product so sign up with them using my link everybody I appreciate you watching I appreciate you just hanging out on the crypto Journey with me over the years I’ll see you in the next video God bless