Zac McClure is the CEO of TokenTax. In this chat we discuss the current crypto tax rules on staking, forks, airdrops, hacks, mining, gains, and losses. Also, we discuss tax laws in different jurisdictions, LIFO vs FIFO vs average cost, tax loss harvesting, advantages of holding investments longer term, and much more. Zac is a true professional with crypto taxes and understands them inside and out.
Zac McClure has worked in finance at JPMorgan, Imprint Capital, World Bicycle Relief and Bain. He is a Wharton MBA.
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- What were you doing before blockchain/crypto?
- Why did you decide to get into the space?
- What is TokenTax?
- What’s the process for onboarding a new user?
- How have you helped some very active crypto traders with their taxes?
- Does the API with exchanges update each trade automatically?
- Are cryptos looked at as commodities, capital gains, securities, or something else?
- What is tax harvesting? Wash sales?
- What are the tax laws around mining, income in crypto, staking, forks, airdrops, hacks?
- Are stablecoins considered crypto or fiat in tax law?
- If I buy Bitcoin in 2018, hold through 2019, sell in 2020, when does it get included on my taxes?
- Does the tax rate change the longer you hold it?
- How do crypto taxes differ in some of the major jurisdictions like Japan, USA, Canada, Germany?
- Is it better to do your trading through a corporation or personal?
- What is difference between LIFO and FIFO and average cost?
- If I take a loss for the year, how can I benefit when doing my taxes?
- What if we make an investment with crypto such as in a mining lease and only get back a small amount of crypto in mining rewards back?
- Any tax updates we should look out for in the future?
- Do you have any portfolio recommendations in regard to diversification?
- How do you want to impact blockchain and cryptocurrency?
- Do you think robots will be the next generation of humans?