don't be a faggot, if you think taxation is theft go to another thread. this is for people who actually want advice. USA/IRS only.
>1) i'm not a CPA but work in finance and have been filing crypto trades correctly for 5 years, so I can tell you if you need to hire a CPA (some do crypto trades wrong though) >2) yes coin to coin trades are taxable, we are speculating and the IRS will make sure we know that >3) no you cannot file 1031 like-kind exchanges to carry over coin to coin sales (it's law now) >4) wash sales don't apply to property/crypto but if you're smart you won't abuse that >5) no you can't "just export coinbase history and use that" if you did alt trading because each altcoin transaction if present will need to be taxed short vs. long term rates >6) it's important you calculate USD values for coin to coin trades in a consistent manner vs. cherry picking exchange tickets to save money >7) if you can't calculate it yourself, use a service mining/forks: >coins acquired through mining/forks will have their value at the time of acquisition added to your regular income. use the acquired price as the cost basis when you sell and treat that like normal short/long net gains. it's possible there was no markets that exist when acquired so I use zero value for those and pay full tax at sale w/o adding anything to income.
yeah I filed loses in the 2014-2015 bear market but have to pay estimated tax every quarter now (except q4 18) from extra gains. file everything legit now for the eventual future audit when you make it.
Brandon Gutierrez
Why would you waste your life in finance instead of working in AI? You filthy fucking pleb
Kayden Carter
another note on forks.
there's some debate over "when" you acquire forked coins if you had them in an exchange wallet. it's possible they aren't really your coins until the exchange releases them to you. this is really messy too since market opens are always crazy prices in the first few minutes. I just use my best judgment on these in terms of total value. the more value, the safer I play it. a good strategy would just be treat all forks as zero value when acquired unless it was a high profile event with special circumstances.
checked. I actually work in data science for a bank so my dept does build AI apps. you got me.
Sebastian Nelson
I've been hesitating to find the answer to this because I'm suicidal these days and would rather pull the wool over my eyes. But fine
I filed an extension with turbo tax back in April. At the end of the report they asked me how much I thought I'd owe. I entered an amount.
I haven't heard anything from the gov since then and I haven't given them anything either. I lost all my money. I'm a 23 year old college student.
Coinbase never filed me a 1099 or anything. The only number the government has is that figure I entered into turbo tax during my extension. How meaningful is that number? I pulled it out of my ass at the time. Do they cling to it?
Luis Martin
how much was it and was it correct? did you sell the bottom or did you just hold to the bottom?
Aiden Brown
>Land of the free Top Keks
Elijah Clark
I believe it was 30k. When I did my taxes with cointracking.io I had numbers ranging from 30k-70k because of my dealings on shitcoin exchanges, several of which no longer exist in their former capacity.
I've essentially held to the bottom, yes. I barely have 25k left and most of that has been going to my tuition.
