/biz/ - Business & Finance

[Anonymous No.11703621]

tax paying adults only in the thread. what accounting method did you use and is it supposed to be consistent year to year? LIFO here, it makes the most sense IMO if you trade BTC/alts and it's well known. I've heard some obscure methods though. anyone have any insights? just between frens of course. not a lawyer and only a fool would take tax advice posted here as a fact at face value

[Anonymous No.11703630]

>>11703621
You retard you're supposed to look up the method to use.
You can't just fucking choose yourself

[Anonymous No.11703669]

>>11703630
I've looked it up and talked to my tax attorney about it, you can use many well known methods as long as it's consistent year to year. I'm asking what people here use or used, and if there is one that people think is particularly good. I like LIFO because I hold a lot of BTC and trade small amounts of alts actively. LIFO is like a laundry bin where you are calculating the taxes based on the top layer and letting the bottom layers become long term when eventually selling them. That's why I like it. Fifo is like a conveyor belt where all new profits go on one end and are priced at the other end. It seems bad to me. I'm sure the IRS likes it I know in forex you have to use it, that makes sense in a cash settled futures based market though. crypto is property

[Anonymous No.11703697]

>>11703669
pretty sure its FIFO.

[Anonymous No.11703715]

>>11703697