PODCAST | Reporting Digital Assets for 2022 Federal Income Tax

Published on: 02/28/2023 By: Gorfine, Schiller & Gardyn

Matt Keefer, Director of Tax Services at Gorfine, Schiller & Gardyn, discusses what you need to know about reporting digital assets, and how you cannot claim losses if you had a FTX account.

The IRS recently issued a reminder that taxpayers must answer a digital asset question, and report all digital asset-related income – this includes cryptocurrencies, as well as Stablecoins and NFTs – when filing their 2022 federal income tax.

As we have highlighted before, managing the taxes around your crypto holdings can be challenging. While taxes around crypto holdings are similar to trading stocks, there are some critical differences that should be noted.

In addition, if you had an FTX account, you will not be able to claim any loses from the historic collapse of this cryptocurrency exchange in 2022.

Here are key highlights from this interview:

  • A high-level perspective around this change, and what it means for taxpayers when it comes to “digital assets.” (:30)
  • Overall, what should taxpayers know when it comes to managing taxes around crypto holdings. (3:00)
  • How can GSG help. (4:15)
  • Why you cannot claim any loses around the collapse of FTX. (5:33).

If you have a crypto portfolio and need guidance on reporting digital assets or how to best manage your crypto holding taxes, please contact us here.

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