Tip for crypto noobs

[Anonymous No.7146543]

ALWAYS save your transaction history. You never know when an exchange is gonna go down the shitter & when it does the taxman is still going to want proof of where your gains came from. Some exchanges have an option to save, but otherwise a screenshot will do. Even if you're not a burger its still safe to have so you can prove you aren't a drug dealer or some shit.

[Anonymous No.7146592]

Actually IRS doesn't give a shit where you got it from, proving your trades on exchange just saves you from paying a zero cost basis on shit you can't account for, so all that happens if you cant prove where you got it is you pay a higher rate

[Anonymous No.7146652]

Come April you just write to the exchange and under GDPR they have to give you your trade history in a portable (zip/csv) format.

[Anonymous No.7146729]

>>7146543

From past experience running my own business without knowing what I was doing in the past (never kept booking records, lots of cash clients and cash being deposited to accounts) and failure to file taxes for years being self-employed it finally caught up to me.

I neglected to respond to any IRS mail so they eventually did my taxes for me, with a fee of course and sent me the bill. Once I worked out roughly what I actually would have owed had I done the my taxes properly, It didn't cost me much more than it would have had I hired a bookkeeper and and tax consultant to do the work for me.

The only reason to be scared of taxes is if you pull some wesley snipes shit, aka, make millions, spend it all and fail to pay up, and then lose future income streams.

[Anonymous No.7146832]

As if anyone is actually going to record every trade, all that matters is how much went In then out