Cash Flow Guys Podcast

For the last several years, many have enjoyed the rewards of investing in various forms of cryptocurrency under the assumption they could avoid the prying eyes of the government.  Some bragged about being able to conduct business and earn capital gains free of the worry of taxation. Those days are over… Last week I was listening to an episode of Rich Dad Radio titled “The IRS Versus Bitcoin” where I stumbled upon some shocking news reported by CPA Tom Wheelwright, a Rich Dad advisor. Tom warned listeners by saying that anytime you use or trade cryptocurrency, it becomes a taxable event!  He went on to say that if in 2020 you did ANYTHING besides buying cryptocurrency you must declare it to the IRS when filing your taxes, if you don’t, it’s a FELONY. It seems that any transaction except buying bitcoin is subject to a tax beginning at a rate of15% for both the user of the bitcoin and the receiver.  There is also capital gains tax that will apply to many transactions. So much for bitcoin being unregulated! We wi