Quick answer: It delays taxes until you sell your coins, but in many cases, you could end up paying more to the IRS, not less.π¨ββοΈ Clinton Donnelly, founder of CryptoTaxAudit and known as the βCrypto Tax Fixer,β explains why this bill matters and how it compares to current IRS rules for mining and staking. Using a $10K mining example, he shows the surprising difference between taxing coins at the moment you earn them versus when you eventually sell.
πΌ In this video, youβll learn:- How the IRS currently taxes mining & staking rewards- Why does the Lummis bill change when taxes apply- The $10K mining example: IRS vs. Lummis side-by-side- Why βtaxing laterβ might leave you with a bigger bill- What crypto investors should prepare for in 2025.
π₯ Whether you mine Bitcoin, stake ETH, or just want clarity before tax season, this breakdown will save you from costly surprises..
π Book your crypto tax consultation here:π https://www.cryptotaxaudit.com/crypto-tax-consultation.
π Official IRS Guidance on Virtual Currency:https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies.
π Like, subscribe, and comment with your questions β Clintonβs team answers real crypto tax questions weekly!
ποΈ About Clinton DonnellyClinton Donnelly, LLM, EA, is the founder of CryptoTaxAudit.com, the leading crypto tax and audit defense firm for U.S. taxpayers. Known as the βCrypto Tax Fixer,β heβs helped thousands of investors legally report their crypto holdings and defend against IRS scrutiny.
π Award-Winning ExpertiseIn 2025, CryptoTaxAudit was named Cryptocurrency Taxation Services of the Year by Financial Services Review, recognizing Clintonβs unmatched reputation and legal precision in the crypto tax space. - hhttps://www.financialservicesreview.com/cryptotaxaudit
CryptoTaxAudit specializes in:β Complex gain calculations and wallet trackingβ Expat and foreign disclosure complianceβ IRS audits, defense, and forensic tax strategiesβ Bulletproof crypto tax returns designed to resist audits
π¬ Work with the CryptoTaxAudit team:π https://www.cryptotaxaudit.com/tax-prep-waiting-list
β¬β¬β¬β¬β¬ NOTICE β¬β¬β¬β¬β¬β οΈ πππͺππ₯π π’π π¦πππ π ππ₯π¦ ππ‘ π’π¨π₯ ππ’π π ππ‘π§π¦ ππ‘π ππ’π π π¨π‘ππ§π¬ ππππ‘π‘πππ¦We will never ask you for your personal information on social media. Beware of people masquerading as our host, guests, or sponsor company.
π DisclaimerThe content in this video is for educational and entertainment purposes only. While we aim to provide accurate and up-to-date information about cryptocurrency taxation, this is not intended as legal, tax, or financial advice. Always consult with a qualified tax professional to ensure compliance with IRS regulations and accurate reporting of your cryptocurrency transactions.
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