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/biz/ - Business & Finance

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23912474 No.23912474 [Reply] [Original]

noob here. how do you record your transactions for taxes? do you have an excel sheet that you update everytime you trade in and out of shitcoins?

>> No.23912502
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23912502

>>23912474
>paying taxes

>> No.23912558

taxes?

>> No.23912624

Excel sheet and blockfolio entries

>> No.23912640

>>23912474
why would you hold your dog like that
stupid bitch it's an animal not an accessory

>> No.23912643

lol

>> No.23912644

>>23912474

Acid attack

>> No.23912662

>>23912474
FIFO
Cost basis and date.
Nobody here has an actual amount to matter, so speak with a CPA.

>> No.23912678

>>23912502
IRS is getting harder on cracking down on your bags. If they can seize them, they will.

>> No.23912684

I have a bot that trades for me and it just exports a nifty excel sheet. I pity the auditor who has to sift through a billion pages of shitcoin trades

>> No.23912726

>>23912474
I don't record shit for things that happen on-chain and on places that don't have KYC. The only thing I'll ever report to the IRS is my total ins/outs and pay tax on the net gains.

If I do at all. Hopefully in the future things will be to the point where I can just keep my wealth in stablecoins and pay for things with crypto directly.

>> No.23912756

>>23912502
is it possible to avoid the taxes? lol

>> No.23912770

>>23912474
Doesnt robinhood do that shit for you? I think it gives you a separate tax sheet for crypto

>> No.23912787

>>23912726
Delusional. Why would the government ever allow that? You people live in a fantasy dream. If you don't pay your taxes you will get fucked eventually. Collecting money from citizens is literally the number one priority of the government.

>> No.23912788

>>23912756
Yes if you are an independent contractor only

>> No.23912838

>>23912662
cant i just round and give a general sell and buy price

>> No.23912871

>>23912678
what part of unconfiscatable do you not understand?

>> No.23912913

>>23912474
i think there are some crypto tax software programs that will pull all your transactions and calculate it for you. that's what i'm planning on doing.
i also bookmark every etherscan page after making a trade, just in case.

>> No.23912958

whats stopping me from put all the gains i made in usdc and dia and just placing them on farm with high apy

>> No.23912959

>>23912474
I haven't made any capital gains but I use API plugins from exchanges to a web app called koinly. I'm assuming this will be enough

>> No.23912981

>>23912913
What if you have literally hundreds if not thousands of transactions spread across over a dozen exchanges including some absolute meme ones like tradeogre?

>> No.23913008

I think coinbase gives a pdf or something for taxes.

>> No.23913121

>>23912958
what tokens are you farming in with stables?

>> No.23913138

Man.

>> No.23913228

I hate het face so much

>> No.23913931

>>23913121
uni or mycrypto.com anything trustable just to avoid jew cam