Shehan @TheCryptoCPA Twitter profile

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Shehan

@TheCryptoCPA

7 months

Self-custody comes with self-tax compliance.

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Shehan

@TheCryptoCPA

3 years

Web 1.0 - Read-only. Web 2.0 - Read & write. Web 3.0 - Read, write & own.

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Shehan

@TheCryptoCPA

3 years

Crypto is the place where everyone feels late when they arrive.

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Shehan

@TheCryptoCPA

6 months

Dave Ramsey math to become a millionaire by 30. - Pay off your 1.5% mortgage. - Pay off your 0.9% car loan. - Buy a 2K used car so you can have 10K of repairs. - Use debit cards, not credit cards. - Don't allocate even a tiny bit to #btc - Make coffee at home.

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Shehan

@TheCryptoCPA

3 years

The IRS will make more money from crypto than anybody else.

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Shehan

@TheCryptoCPA

4 years

If you ever feel bad, just know that one of my clients lost 2B worth of BTC. He/she can see the balance on the wallet, but no private key.

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Shehan

@TheCryptoCPA

3 years

Getting a loan against your appreciated coins is a viable option to get liquidity without triggering a capital gains event. But, you will have to pay capital gains taxes if you make more profits from the loan proceeds.

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Shehan

@TheCryptoCPA

2 years

20% unrealized gain tax is the most aggressive tax policy I have ever seen.

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Shehan

@TheCryptoCPA

4 months

I don't think crypto will be pseudo-anonymous or privacy-preserving anymore, at least in the US. Yesterday, the IRS issued the long-awaited draft Form 1099-DA, the first tax form specifically designed to collect your ID and detailed transaction data at scale from "brokers".

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Shehan

@TheCryptoCPA

3 years

You are paid by how hard you are to replace. Not by how hard you work.

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Shehan

@TheCryptoCPA

3 years

With money you can buy a clock, not time. With money you can buy a house, not a home. With money you can buy a doctor, not health.

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Shehan

@TheCryptoCPA

3 years

The IRS will make more money from crypto than anybody else.

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Shehan

@TheCryptoCPA

3 years

You are paid by how hard you are to replace. Not by how hard you work.

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Shehan

@TheCryptoCPA

2 years

Why call it a tax when it's a penalty for being successful.

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Shehan

@TheCryptoCPA

3 years

First-time crypto buyer doing due diligence on the next 100X coin recommend by a Youtuber.

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Shehan

@TheCryptoCPA

2 years

Bitcoin CEO remains silent.

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Shehan

@TheCryptoCPA

8 months

How do I report SEC to the SEC for manipulating markets. Lol

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Shehan

@TheCryptoCPA

2 years

Several crypto lending/yield platforms froze or limited withdrawals due to the recent crypto crash and liquidity crunch. If your funds become totally irrecoverable, you may be eligible to write them off as a Nonbusiness bad debt (§166(a)(d)) on your taxes. How it works 👇

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Shehan

@TheCryptoCPA

2 years

When #btc hits 25K

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Shehan

@TheCryptoCPA

3 years

Meta will always be "Facebook". Sorry.

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Shehan

@TheCryptoCPA

3 years

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Shehan

@TheCryptoCPA

3 years

If you tax unrealized gains, allow deducting unrealized losses.

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Shehan

@TheCryptoCPA

5 months

@bryan_johnson 2018 you looked more human than ever.

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Shehan

@TheCryptoCPA

3 years

How billionaires pay little to no taxes in the US 👇 Step 1: Know the tax rules Tax 101: Income is taxed at the time of receipt. Wealth is not taxed at the time of receipt. It gets taxed only when you sell. Income = Wages Wealth = Appreciated stocks, crypto & assets

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Shehan

@TheCryptoCPA

3 years

Receiving an NFT as a gift is not taxable to the recipient. The recipient pays taxes only when he/she sells it.

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Shehan

@TheCryptoCPA

3 years

Wealth is stored time.

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Shehan

@TheCryptoCPA

3 years

Success is having freedom to focus on the grind you actually enjoy.

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Shehan

@TheCryptoCPA

8 months

@CGasparino @twobitidiot @FoxBusiness @SECGov Can someone help?

Shehan

@TheCryptoCPA

8 months

How do I report SEC to the SEC for manipulating markets. Lol

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Shehan

@TheCryptoCPA

3 years

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Shehan

@TheCryptoCPA

3 years

Cash is more untraceable than any privacy coin.

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Shehan

@TheCryptoCPA

3 years

Discipline creates opportunity.

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Shehan

@TheCryptoCPA

3 years

Rewards received from crypto debit/credit cards are not taxable. This is because cash/crypto back is considered not income. It's an adjustment to the purchase price. - FAQ-

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Shehan

@TheCryptoCPA

3 years

Finding a crypto-savvy accountant is harder than finding the next 100X coin.

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Shehan

@TheCryptoCPA

3 years

Everything you need to know about Tax-loss harvesting and how much you can deduct on your taxes 👇

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Shehan

@TheCryptoCPA

3 years

You will get different types of tax reports (1099-MISC, 1099-B, 1099-K, Transaction report) from crypto exchanges this year. Here's what they mean and how to avoid overpaying taxes 👇

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Shehan

@TheCryptoCPA

8 months

@RyanSAdams This only applies to businesses accepting crypto. Not individuals. 🙂

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Shehan

@TheCryptoCPA

3 years

You can be twice as rich by deciding you need half as much.

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Shehan

@TheCryptoCPA

3 years

The best tax tool you can get is a CPA that trades crypto 🙃

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Shehan

@TheCryptoCPA

3 years

You are rich when you have money. You are wealthy when you have time.

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Shehan

@TheCryptoCPA

3 years

You are rich when you have money. You are wealthy when you have time.

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Shehan

@TheCryptoCPA

3 years

Do you need a special "Crypto accountant" to file your taxes? 👇 (Disclaimer: I don't practice anymore. I have nothing to gain from this thread other than telling you the truth)

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Shehan

@TheCryptoCPA

3 years

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Shehan

@TheCryptoCPA

5 months

Who grew up here as a child?

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Shehan

@TheCryptoCPA

3 years

You can be twice as rich by deciding you need half as much.

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Shehan

@TheCryptoCPA

3 years

You are rich when you have money. You are wealthy when you have time.

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Shehan

@TheCryptoCPA

3 years

Finding a crypto-savvy accountant is harder than finding the next 100X coin.

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Shehan

@TheCryptoCPA

3 years

IRS is more bullish on crypto than anybody else. Few understand this.

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Shehan

@TheCryptoCPA

3 years

Hodling is the most powerful investment strategy.

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Shehan

@TheCryptoCPA

3 years

IRS gonna make more money from crypto than anybody else in the next 10 years.

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Shehan

@TheCryptoCPA

3 years

Rewards received from crypto debit/credit cards are not taxable. This is because cash/crypto back is considered not income. It's an adjustment to the purchase price. - FAQ-

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Shehan

@TheCryptoCPA

3 years

SEC announces they decided not to ban something they can't ban in the first place.

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Shehan

@TheCryptoCPA

3 years

I disappointed Elon

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Shehan

@TheCryptoCPA

3 years

What you want in life is to be in control of your time.

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Shehan

@TheCryptoCPA

2 years

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Shehan

@TheCryptoCPA

4 years

This duo can bring in more people into #BTC than institutions.

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Shehan

@TheCryptoCPA

3 years

The $1.2 trillion infrastructure bill was just passed by the House and is heading for Biden's signature. What does this mean for crypto holders? 👇

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Shehan

@TheCryptoCPA

3 years

Every fintech app will have to care about crypto soon or they will be yahood soon.

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Shehan

@TheCryptoCPA

3 years

Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming - states with no income taxes. If you cash out crypto or NFTs there, you automatically save 5% - 15% of your total tax bill.

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Shehan

@TheCryptoCPA

3 years

IRS is going to advertise crypto to 150M+ Americans starting January 24th.

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Shehan

@TheCryptoCPA

5 years

Check out the crypto tax session we did at @Google below 👇 @talksatgoogle @CoinTracker #cryptotaxes #taxtwitter

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Shehan

@TheCryptoCPA

7 months

Considering tax heavens and renouncing citizenship when your 0.1 #BTC portfolio 2X

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Shehan

@TheCryptoCPA

3 years

What happens when you hodle for 20+ years.

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Shehan

@TheCryptoCPA

2 years

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Shehan

@TheCryptoCPA

3 years

Web 2.0: Taxes are mandatory. Web 3.0: Taxes are optional.

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Shehan

@TheCryptoCPA

3 years

BREAKING: Cryptocurrency purchases made in USD are not subject to any type of IRS reporting - per updated FAQs as of March 2, 2021.

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Shehan

@TheCryptoCPA

4 years

He/she received BTC in 2010 as a refund from an overseas vendor. Long story.

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Shehan

@TheCryptoCPA

6 months

Here's your IRS tax bill on a 1M #BTC cash out. Scenario: - You live in a state with no state income taxes like TX. - Assume you only have the BTC gain in 2024 for simplicity. - You held the coins for at least 1 year before selling in 2024. Cost basis = 200K. - You are

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Shehan

@TheCryptoCPA

4 years

@APompliano

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Shehan

@TheCryptoCPA

2 years

According to the IRS interpretation of the law, staking rewards are taxable upon receipt. On 1/20/23, the IRS updated its Digital Assets page to reflect this. You should also check "Yes" for the crypto question if you receive any staking rewards.

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Shehan

@TheCryptoCPA

2 years

#Bitcoin is the worst asset to evade taxes. All your records are permanently recorded on the blockchain.

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Shehan

@TheCryptoCPA

5 months

@TheJackForge Last thing you see before you lose PMF.

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Shehan

@TheCryptoCPA

3 years

How to be a millionaire? Pay unrealized gains taxes as a billionaire.

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Shehan

@TheCryptoCPA

7 months

How billionaires pay little to no taxes in the US 👇 (Buy, Borrow & Die strategy) Step 1: Know the key tax rules. Tax 101: Income is taxed at the time of receipt. Wealth is not taxed at the time of receipt. It gets taxed only when you sell. Income = Wages. Wealth =

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Shehan

@TheCryptoCPA

6 months

@BasedBeffJezos "I was arrested....as a millionaire"

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Shehan

@TheCryptoCPA

3 years

BREAKING: IRS has decided not to tax staking income at the time of receipt - reported by Blockworks. We don't know the specifics yet until we see the actual court ruling tomorrow. But, I'm hopeful! Stay tuned for a detailed thread tomorrow.

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Shehan

@TheCryptoCPA

4 months

Furthermore, in the new draft Form 1099-DA, the IRS has included “unhosted wallet provider” as a check box. This further signals the IRS’s intention to include unhosted wallets under the broker definition despite the industry feedback. What does this mean to you? Going forward,

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Shehan

@TheCryptoCPA

3 years

Planning to write a thread on crypto accountants. Who are "crypto accountants"? Do you need one? If so, when? How to pick one? What can an accountant actually do for you? What should you not expect from a CPA? How does pricing work? Any other questions?

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Shehan

@TheCryptoCPA

3 years

2022: "Media: bitcoin crashed down to $100,000"

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Shehan

@TheCryptoCPA

4 years

baby @Jason 😃

presh

@preshdkumar

4 years

@awwstn @Jason epic clip 😂

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Shehan

@TheCryptoCPA

7 months

@WatcherGuru Isn't he tired of being wrong?

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Shehan

@TheCryptoCPA

2 years

Fortunes are made when markets are boring and red.

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Shehan

@TheCryptoCPA

3 years

Web 4 is people getting sick of Web 1,2 & 3 and doing everything offline.

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Shehan

@TheCryptoCPA

3 years

Your passive staking rewards may not be taxed at the time of receipt. Let me explain the facts, where we are now, and what to expect next. 👇

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Shehan

@TheCryptoCPA

5 months

Joe Biden can't pay off your student loans. But, Jeo Boden can.

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Shehan

@TheCryptoCPA

7 months

As #btc approaches its all-time high, here are the top 6 things to keep in mind to NOT get screwed by taxes. 1/ Cashing out BTC is a taxable event. Ex: You paid 10K for 1 BTC and sold it for 50K. You have a taxable gain of 40K. 2/ Converting BTC to some other coin is a

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Shehan

@TheCryptoCPA

3 years

Ways & Means Committee is trying to close down a big crypto tax loophole - Wash sales Thread 👇

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Shehan

@TheCryptoCPA

3 years

2,550 accountants have signed up for my crypto tax webinar on Thursday. Highest ever. 👀

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Shehan

@TheCryptoCPA

4 months

Note that this form and the proposed regs are still not finalized. I hope we see broker and taxpayer-friendly changes in the final versions.

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Shehan

@TheCryptoCPA

3 years

The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.

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Shehan

@TheCryptoCPA

3 years

Crypto is not subject to the wash sale rule. That's a big loophole. This is going to end by 12/31/21.

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Shehan

@TheCryptoCPA

3 years

Rewards received from crypto debit/credit cards are not taxable. This is because cash/crypto back is considered not income. It's an adjustment to the purchase price. - FAQ-

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Shehan

@TheCryptoCPA

2 years

The maximum amount of capital losses you can claim in a year is 3K. But, what if you lost 100K in $LUNA or $UST? Assuming there are no other gains, it will take you 33.3 years (100K/3) to get the full tax benefit from the loss you had this year. Well, there may be a solution.

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Shehan

@TheCryptoCPA

3 years

Who said crypto is an uncorrelated asset to the stock market? 😅

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Shehan

@TheCryptoCPA

4 months

The Form captures unsurprising data points such as date acquired, date sold, proceeds, and cost basis of crypto assets sold. This information is needed and helpful for the taxpayer to complete their crypto tax filings. However, the collection and reporting of the following

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Shehan

@TheCryptoCPA

8 months

@BillyM2k Quote: "You suffer more in your imaginations than in reality"

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Shehan

@TheCryptoCPA

3 years

"Layer 2"

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Shehan

@TheCryptoCPA

3 years

Rewards received from crypto debit/credit cards are not taxable. This is because cash/crypto back is considered not income. It's an adjustment to the purchase price. - FAQ-

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Shehan

@TheCryptoCPA

6 months

This month, federal prosecutors brought the first pure legal crypto tax indictment against a Texas individual. Here's what he did (allegedly) 👇 This individual; 1/ Sold ~3.7M of #BTC and bought a house. 2/ 2017 tax return: Falsely inflated the cost basis of BTC to reduce

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Shehan

@TheCryptoCPA

3 years

You are rich when you have money. You are wealthy when you have time.

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Shehan

@TheCryptoCPA