Mark Kohler explains that mining, staking, DeFi lending, and NFT creation are all taxable income the IRS can trace through public blockchain records. The 1040 form now asks directly if you bought, sold, or traded crypto, and lying carries penalties including perjury charges and jail time.
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How many of you might be doing some crypto mining, staking, some defi lending? How many of you are doing some strategies inside the metaverse? How many of you are creating NFTs, collectibles and utility NFTs? And then let's even put another layer on this. How many of you are gamers that are earning tokens or crypto inside the games you might play? All of that industry, all of those transactions are taxable. You're making money. I don't care if you're a landscaper mowing lawns or you've got a donut shop and selling donuts or you're doing crypto mining or staking. They're a business. The IRS is going to tax it. The number one question on your 1040 tax return, did you buy, sell, trade any sort of cryptocurrency in the last year, yes or no, under penalties of perjury, Go to jail? Now with 94 million Americans and growing that own some sort of cryptocurrency, that question scares the living daylights out of them. Because if they lie, it's not pretty. IRS doesn't like liars. Cheaters. Not good. So, accountants. I'm training accountants around the country. I'm holding crypto tax summits, training them on how to help you to report your taxable transactions in crypto. And what you need to know is which you love. The blockchain is public. No Big Brother, no Deep State. No one's trying to control your money because it's public. Well, guess who can see it too. The freaking irs.
