[ Ссылка ] As cryptocurrency investments are becoming more common, investors should know that cryptocurrency gains are considered taxable income. Join CPA and TurboTax tax expert Lisa Greene-Lewis to learn about everything related to cryptocurrencies and your taxes.

Note: This video was shot on Apr. 16. As of May 12, Tesla is no longer accepting Bitcoin for the purchase of a Tesla vehicle.

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Video Transcript ~ Taxes and Cryptocurrencies - Presented By TheStreet + TurboTax:

-Cryptocurrency is all the rage these days, and you need to know that it is taxable. Uncle Sam knows about it, the IRS put guidance out in 2019, don't think you can get away with this. Lisa Greene-Lewis, CPA and TurboTax expert is with us right now to help us walk through how it's taxable. So Lisa, you said basically, it comes down to how you use it.
- Yes, that's the main thing I think about that helps me, and hopefully it helps people understand how it's taxed. The way you use it is how it's taxed, so if you hold onto it as a capital investment and then you sell it, it would be taxed as a capital gain or loss just like if you sold your stock. If you're paid, people are actually getting paid for job, on their job, in crypto. So if you're a W2 employee and you're paid, it's going to be the income that's going to be on your W2. If you're paid in Bitcoin or virtual currency as a contractor, it's going to be reported on your Form 1099. So, that is just how I think about it.
- It's the right way to do it though, right? And it makes sense to me. And if you're a miner, if you mine cryptocurrencies, you are ostensibly self-employed, and you treat it as self-employed income then, correct?
- Yes. If you end up mining and you get more Bitcoin, then it would be self-employment income. - The one big thing we haven't talked about in the past is what happens if I make a purchase with Bitcoin? How is that taxed?
- Yeah, so if you make a purchase in Bitcoin, you will recognize a gain or loss, and that will be based on the fair market value of whatever you're receiving. So the difference will be the cost of your Bitcoin that you're trading, and then the fair market value of what you're getting. So I think of it as, the latest, people are able to buy a Tesla with Bitcoin. So say you bought that Bitcoin for $6,000 and the Tesla is worth $42,000. You are going to be recognizing a gain on the difference of the $42,000 and the $6,000 Bitcoin that you bought. - Yeah, interesting that the dollar still plays a role there, right? We're not getting rid of it yet. And finally, you had said there's a new box on the tax return that I have to check?
- Yeah, so the Form 1040, the IRS has you check whether or not you've had virtual currency transaction.
- Lisa, if I actively trade cryptocurrency, how do I keep track of all this? Because people are in and out of these things all day long.
- Yes, so TurboTax Premier gets after the pain points that traders have. So you can actually import and upload your stock transactions, up to 1,550 of those transactions at once. And then cryptocurrency, you can import and upload 2,250 transactions at once. - Lisa, there's so much new for 2020, where does a taxpayer go for help?
- So, TurboTax has proactive guidance related to the events that occurred in 2020, but if you have questions, you could connect live via one-way video to a TurboTax live tax expert, they can either guide you along the way, or new this year, you can fully hand over your taxes to them all from the comfort of your home.
- Lisa Greene-Lewis, CPA, TurboTax expert. Thank you for helping us through that. - Thank you.
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