>I think people fuck themselves the easiest by selling volatile Coin A for volatile Coin B without keeping track of basis, gains, and losses.
To be fair nobody was really sure whether crypto-to-crypto counted as a taxable event or was covered under in-kind rules until very late 2017/early 2018 when the IRS posted firm guidance about the topic. You can say it was obvious, but it just wasn't, crypto has qualities of currency, asset, and real property and nobody had any fucking clue which rules applied at first.
Lucas Reed
Relying on others to report your earnings to the IRS? Isn't a contractor responsible for reporting his own profits by tracking his own revenues and expenses, even if all his clients aren't smart enough to file a 1099-MISC for what they pay him? Or if his charge card issuer doesn't provide him a categorized list of expenses, does he get to fully deduct it all? Sorry to break it to you, but your broker not tracking your activity for you doesn't absolve your responsibility for reporting it.
Thomas Walker
>tfw turned 100$ into 10 trillion during 2018 but now its down to 200$
What do guys make a payment plan of the 4 trillion i owe in debt?
Nicholas Johnson
Yeah but how often does the waitress or stripper not reporting half of her tips get prosecuted? I make twenty trades a day it's impossible for me to track the U.S. value of that over a year and it's even less possible for some 55 year old IRS boomer to. And they won't devote those kind of resources to squeeze an extra couple hundred bucks.
The fear mongering on this subject is ridiculous.
Zachary Brown
>I make twenty trades a day it's impossible for me to track the U.S. value of that over a year That's why software systems do it. Slavery is streamlined.
Gabriel Miller
I agree that 2017/pre-2017 crypto could have genuinely screwed some smart people who have good defenses for like-kind exchanges. But, Twitter guy in OP posted his revelation today. Screwing up tax year 2018 and fucking yourself over for April 2018 will be inexcusable.
Brandon Ross
>for April 2019 fixes
Logan Lewis
The burden of proof is on them to say you owe the money. Like I said, if a mid 50s incompetent government working boomer can calculate my actual liability more power to them. I'll give them my 5 ETH wallets and 7 exchange accounts and they can go to town. Meanwhile I'll be paying on what I cash out and what goes to my bank statements.
I'm sick of people like you scaring the dumb 18 year olds into thinking they're gonna go to prison for not reporting that extra $100 they made on a shitcoin trade.
Jaxon Price
So you want to play day-trader to make money, but choose to not track your activity for tax purposes because of your high volume and your broker won't do it for you? Purposely reporting false tax returns is against the rules, and the IRS choosing to pursue some flavors of misrepresentation more aggressively than others doesn't give a free pass to anybody that wins(loses) the IRS examination lottery. Are you worried about inaccurate reporting or just getting caught for doing so? Unfortunately for you, crypto is in the spotlight.
Evan Morgan
The filthy, Jewish, mongrel Rothschild's have a hand in this. The United States was a charade from the beginning. Time to escape overseas!
