I owe over $8000 in crypto taxes for 2018
I owe over $8000 in crypto taxes for 2018
Luke Morris
Dominic Ward
Nolan Walker
I owe around 12,000 bro. It hurts
Michael Kelly
At least you don't have to pay for healthca... oh.
Justin Young
Correct, my employer pays for healthcare
Jayden Murphy
What do you use to calculate it? I use bitcoin.tax. Using First-In-First-Out it costs me $8,000 but using Highest-Price-First-Out it costs me just $5,000. I think that's a more obscure accounting technique that I don't know whether the website I use to file my taxes will support though so I might not use it. My reasoning is it doesn't matter overall since if I lessen 2018's tax burden from 8000 to 5000 then I'll just have to pay more the next years anyway right? Either way the rope awaits
Anthony Harris
bump for other calculation methods
Justin Edwards
Following up on this, from what I've gathered in leddit the IRS only acknowledges either LIFO or FIFO. And it doesn't matter in the longterm which method you use (LIFO, FIFO, HPFO, LPFO, etc.) your overall lifetime tax burden will always be the same. The different methods just shift the costs around to different tax years, so just nut up and take it
Lincoln Nelson
I haven't mentioned crypto in my taxes in 3 years. I don't plan on ever doing it. Wish me luck bros.
Parker Fisher
>paying taxes