/biz/ - Business & Finance

I just try my best but it's pretty much a shitstorm every year with countless blocks infinitely looping one another

>>57949473
Pretty much this.

The rules are so grey area that I generally try to handle any USD -> X Trades

>>57949457
The same way I handle all my problems.
I ignore them

>>57949457
if you can't figure out every tiny obscure chain trade, don't worry about it. the IRS wants to make sure you pay on your cap gains, so focus on that part. you put in $10k and exited with $100k? Pay the cap gains on the $90k and you're good even if you can't document every step of it.

>>57949915
This.

>>57949457
I live in a non retarded country, so I only pay tax when I cash out to fiat. Because crypto is not real money anyway

>>57950735
Fucking wish I did. I buy ETH with fiat, transfer to external wallet and immediately swap and I've got to report every one of those fucking transactions?

>Gain of $0.07
>Gain of $0.02
>Loss of $0.05

God fucking damn it

My problem is I have no idea what my cost basis is for any of the coins I have. I bought/sold/traded like a retard in 2021 and kind of just "guessed" on my taxes. I've been sitting on coins from 2022 and have some some small adds over multiple different exchanges, but haven't sold anything. Shrug.

>>57949457
Hire a really good CPA that knows crypto. Expect to pay $5-$10k per year.

>>57949915
This. Paying some amount is better than no amount because you are less likely to get flagged for auditing.

>>57949457
Well Coinbase fucked me over by ending Coinbase pro and not merging their records with the new coinbase, and turbotax kikes won't process the csv I built according to their template, so now I'm going to manually enter in all my trades (thankfully it's less than 50) through turbotax so that WHEN I get audited by the IRS kikes it's the turbotax kikes who have to deal with it. I have all the receipts and everything so I'm not worried, just extremely annoyed that turbotax and coinbase tax software can't conceive of the idea of self-custodying.

If you have more than 50 transactions and an automated system can't figure out cost basis and generate the appropriate form entries for you, I'd highly recommend just paying a tax accountant with crypto experience to figure it out for you. Next year I'll probably file on my own manually.

>>57951262
I'm not fucking with my ETHshit this year but my plan is
>figure out cost basis for the ETH
>figure out how much ETH I spent on PNK
>use that to figure out cost basis for the PNK
And then when I sell the PNK I'll do it fast and just figure out how much PNK I sold and how much money I got for the ETH.

I will THEN draw a chart in crayon (so it's color coded) explaining the trades and include that when I physically mail in my tax return for 2024.

The most complicated part will be when I bought X eth but only converted Y of that eth into PNK, but it shouldn't be too hard as long as I keep the cost basis of that eth in mind. I'm not fucking calculating the gain/loss of holding that eth when it was all converted to PNK in the end anyway. Only time I'm figuring gain/loss is when I sell for USD.

>>57949492
How can someone be this based? Teach me your ways

Only report fiat in fiat out, that's all they really care about.

https://cryptotaxprep.io/

I hear these dudes are good. Can anyone vouch?

>>57949457
I pay my accountant his $180 and dump a stack of papers on his desk
Imagine doing your own taxes when you have weird shit to claim. Do you also do your own surgery?
>>57951395
Your accountant is fucking ramming you in the ass

>>57951718
>.io
Anon, please. If they can't be assed to pay for a .com they're jeets.

>>57951780
.io domains are generally more expensive than .com
>t. domain buyer

>>57951754
It's worth every penny.

Whatever Koinly reckons I owe I send along with my tax return and that's it.
If the gov don't like it then I don't care, I'm not going through all trades and some I cannot even find out about now anyway.
Most likely they will be happy an attempt was made rather than someone trying to dodge it completely.

>>57949457
I don't do any, I only play with my cock and gamble on shitcoins, I do not cash out, currently stuck with super