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/biz/ - Business & Finance

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7892128 No.7892128 [Reply] [Original]

In the us here...apparently the IRS wants me to tax every trade that ive ever done after January..problem is I have no fucking idea how many trades I have done or how much money I made off of every trade..what do I do now?

>> No.7892138

>>7892128
Pay tax when you cash out

>> No.7892171

>>7892128
Run.

>> No.7892172

>>7892138
This
Worst case you have to do zero cost basis which is fine actually. All it means is that you will be expected to treat each cash out like it came out of the heavens as suddenly free money.

But if you think about it, its a pretty good deal as you keep it nice and simple and you can hide how much of your stack is still left over.

>> No.7892673

>>7892128
Do you want a serious answer? I just did this for my 2017 taxes.
Go to bitcoin.tax and create a free account. It's free up to the first 200 or 2000 trades, I can't remember. Import all of your trades on all exchanges you traded on, using the api method. You will be given you short/long term capital gains/losses. Just enter that info into hrblock or turbo tax. Super easy.

Don't listen to these idiots that will be audited at some point in the future. Irs can go back 7 years and fuck you with full force.

>> No.7892860

>>7892673
Thats the problem though..I dont know everything that ive traded on the exchanges ive been on..Ive made a lot of trades. I forget some of the cryptos ive bought for christ sakes. Now the only cryptos I have money in are Deepbrain chain, ECA, and Tron though.

>> No.7892922
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7892922

>>7892128
Either pay an accountant to do the insanely complicated calculations to determine your yearly tax burden, and sleep easy at night.

Or give them >>7892172 and pray to Moloch that they never actually audit you. 'Cause if they do, you're fucked.

>> No.7893181

>>7892860
You import your trade history from the exchange into bitcoin.tax

You don't to need remember anything.

The exchanges keep all your history. Just follow the direction on how to import. I suggest using the api method. Just try it, or look at a youtube tutorial. It's super simple.

>> No.7893308

>>7893181
Ah well..I might just do that. Thank you sir.

>> No.7893401

It doesn't take much research and if you don't pay on every single trade1 you might as well never cash out