That is a dumb advice. Mowing lawn would count as employment income meaning you'd have to pay SS and medicaid taxes on top of your federal tax bracket.
You are way better off reporting it as capital gains since you are only liable for the gains and if you hold it for longer than a year, you are put in a lower ltcg tax bracket.
Anonymous
Ryder Bennett
Charles Miller
how do you do this user?
Chase Hughes
Also, if you want to legally pay 0% tax on your crypto, hodl for longer than a year and only take out $38600 worth of gains a year and have no other income outside of your 401k.
Jonathan Sanchez
Or renounce!
Easton Cruz
Crypto to crypto wasn't taxed. Just put your intial investment as a btc buy and calulate the net profit as one transaction if your scared if they really want to audit you which I doubt it you made less than 10k just give them all your trades no big deal
Adam Sanchez
i feel sorry for you if you live in the US and are actually trading it. The only thing you can do in the US is buy and hold it on coinbase. Otherwise its going to be a tax nightmare for you.
Levi Smith
Because losses are taxed? That's why you say that?
Jackson Price
There's software that automates all your trades and you can upload to tax software, it's not difficult.
Jack Rodriguez
But losses are still taxed.
Nolan Gray
No they aren't.