#0029 - A Tax Chat w/ Michael Lair

Here at The Nyc & Griff Show we like to talk about money, economics, business, investments...Bitcoin. Hoping to answer some questions and learn along the way.

Bitcoin - An economy by the people, for the people. Store of value, medium of exchange, unit of account, and property...what isn't it?

On this episode of The Nyc & Griff Show, we’re joined by Michael Lair, Senior Tax Strategist with RCM Tulsa! We got to learn the basics of Bitcoin taxes including how it’s viewed in the eyes of the IRS and whether we can depreciate our bitcoin or not. We hope you enjoy this tax conversation as much as we did.

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TimeCodes:

0:00 - Intro

3:22 - Market Check

7:55 - Griff’s party wing problem

9:31 - Michael Lair Intro

11:21 - What temperature does it have to be for Tulsans to start tanning outside?

12:52 - What’s tax season like for a tax strategist?

14:09 - How did Michael become the Senior Tax Strategist for RCM Tulsa?

18:21 - Cryptocurrency taxes…what’s the deal?

20:01 - At some point in the future, you will be exposed to Bitcoin

22:07 - Who sets the rules in regard to taxes?

23:55 - Property, depreciable assets, and amortizable assets

31:11 - Could bitcoin as digital property be an attack on the nuclear family?

34:48 - Bitcoin mining and taxes

40:20 - Buyer beware

42:32 - Short-term and Long-term capital gains

44:24 - Tax loss harvesting

49:33 - Do I have to report ownership of my bitcoin?

53:37 - Griff’s thoughts so far

54:50 - Does tax law change frequently?

57:57 - Is it odd that the government controls money?

01:02:00 - Inflation

01:05:07 - America’s taxes compared to others

01:07:58 - Keynesian economics

01:09:55 - Income taxes

01:12:28 - The Fed Funds Rate

01:13:42 - The system is broken

01:15:02 - Incentive structures

01:16:28 - How should your tax advisor treat you?

01:20:28 - RCM Tulsa’s offered services

01:21:44 - Get connected with Michael!

01:23:32 - Is Michael annoyed by the TikTokers?

01:26:08 - Michael Lair outro

01:26:45 - Final thoughts

Content from The Nyc & Griff Show is not to be used as financial advice. It’s purely for educational purposes and is only our opinion and perspective.