I calculated all the costs and proceeds on bitcoin.tax but my costs and proceeds are like 700k. I only made about 25k. I feel like if I enter these high costs and proceeds, I'm going to get audited faster than an old person farts in church.
I could put a zero cost basis and claim the IRS got information.
I never got a 1099 so I'm tempted to just not file it.
What will it be biz? MAIL the 500 page bitcoin.tax document and say I got a SHITLOAD of money to love around, assume a zero dollar cost basis and not look super sketchy but still not do it right, or just say fuck it because I never got a 1099.
>700k dollarydoos in taxes >Nothing to show for it l y l Options 1) Set up a payment plan with the IRS 2) Find a competent CPA to help you set up an installment plan 3) Hope Jamal uses lube
No he does not have 700k taxes, it looks like OP is saying he turned over 700k for 25k profit, is this right?
James Hill
How in the fuck? If it helps, I just posted this in another thread, but I owe the IRS 60k and only had 27k in my account. I paid 15k and filed a 6 month extension. Holy fuck, fuck my shit up.
You’re not importing right or something. There’s no way. Unless you made so many gains and lost it all
Parker Fisher
So you owe like $6k then? Just pay it, shitdick.
Robert Edwards
are you saying your trade volume was 700k? my trade volume across all exchanges was around 1 million but i only made like 50k. i set up payment plans last year and cashed out knowing i owed.
Michael Lee
Yes, I have 700k in proceeds and costs when I fill out the schedule d but my profit is still 25k
It just looks sketchy as fuck. How does one trade that much volume with my salary
Ryan Hernandez
also the irs doesn't really look at costs and proceeds, they look at the final number you put on the 1040 d. which will be 25k. which isn't all that insane. i wouldn't worry, just pay your shit.
Kevin Rodriguez
In comparison to the average person, yeah it looks sketchy as fuck.
Lincoln Garcia
your 8949 should provide them sufficient info. they know that's the volume. it's normal.
Daniel Morris
Your average trader trading securities MIGHT have 100-200k. This is multiple times that.
Landon Wilson
it doesn't look sketchy at all, interestingly it looks exactly like gambling but that isn't really relevant to your taxes. do not put a zero cost basis, put the correct amount, it is not normal to try to pay more than you owe
Jacob Reed
That's FINE FUCKING IDIOT. Stop posting this. Jesus christ. That's your TOTAL cost basis and proceeds. Meaning all your trades added together, of course it would be high. Mine is almost 3 million.
Jason Jones
How do you expect not to get audited? Seriously
Luke Hernandez
Where the fuck did you get these numbers? This implies the average trader is beating the market
Jonathan Barnes
W/e I did everything right. I paid a CPA $1500.
Aiden Sullivan
Cashing out seems like a pain in the ass. How does this 15% long term capital gains work
Landon Young
File for an extension, hire a CPA, stop relying on Jow Forums for tax advice.
Cooper Morris
Monero getting a nice pump today LMAO
Nathaniel Bennett
Holy fuck you guys are autistic. This is probably the last year you can just claim long term capital gains tax on your profit regardless of your situation. The IRS will be glad you paid something.
Lincoln Phillips
THEY DON'T AUDIT YOU BASED ON THE VOLUME OF YOUR TRADES
if they audit you, which at 25k they almost certainly won't, it will be because of a discrepancy in the information YOU provide them and your bank account. there is a tiny chance you'll get randomly audited in which case, again, if everything is documented you have NOTHING TO WORRY ABOUT. traders on the stock market regularly have millions in trading volume, they aren't auditing every day trader.
Lucas Richardson
>have 2k >make 500 trades >$1 million trade volume Doesn't sound sketchy at all.
Carson Hall
i used taxact, at the end of the efile step attach the 8949 statement CSV from b.tax as a pdf (excel export)
your total proceeds don't really matter
Lincoln Ward
This.
Tyler Adams
well, I have over a billion op, so you're not alone.
