The IRS Wants to Tax Your Frozen Crypto | Bloomberg Crypto
March 8, 2023
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17:16Now PlayingThe IRS Wants to Tax Your Frozen Crypto | Bloomberg Crypto
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as posted by the channelVoyager. Celsius. Genesis. And of course, FTX. All major crypto companies that went bankrupt last year. All names we’ve talked a lot about on this podcast.
But even if you’ve heard of these companies, did you know there’s a tax season quirk for US investors who had digital tokens tied up in accounts on these platforms?
These investors have lost access to these funds while bankruptcy cases wind through the court system, and in some cases they’re going to have pay taxes on those assets.
Bloomberg’s Claire Ballentine (), and Bloomberg Tax reporter Lauren Vella join this episode to help crypto investors who are dreading US tax season. We also connect with a crypto investor who owes tax on his losses.
Subscribe to the Bloomberg Crypto Newsletter at ()
This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
See omnystudio.com/listener () for privacy information.
Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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