Do you guys actually report crypto profit/losses on your taxes?
I mainly use Coinbase like a rookie, some Binance here and there.
I have traded on both wallets and exchanges
I’m sitting on the Coinbase website and it says I’ve made so many transactions to see my tax forms I’d need to upgrade to mega pro and that costs $180
I do because I cashed out a lot last fall and the IRS will definitely know. It's so fucking annoying to figure out all the paperwork goddamn America is retarded
I don't understand at what point do I need to file quarterly taxes if I cash out crypto while working a wagie W2 job?
If you expect to owe more than $1000 on your federal income tax return the following year using your previous years tax return as a guideline
But frankly I'm not doing that and will just pay penalities instead
i do. i hate giving niggers money but i know i’ll an hero if the feds come for their money. i do like living
How do you keep track of all your crypto for taxes ?
I've traded crypto to crypto to stables. I've used many cex and dex and different wallets. I never kept track of anything
How do all the fancy pants Defi hustlers do it??
Over the weekend, I was walking behind some guys, and one guy said that he had to file another doc because he filed his taxes wrong. This is so stupid. I don't even understand why we have to file taxes if the IRS already knows. It's like we're just playing a guessing game of how much we owe, and if we get it wrong, we get penalized or we get red-flagged and audited.
"I have the perfect simplified tax form for government. Why don't they just print our money with a return address on it?"
-Bob Hope
Literally pay $3-10k to a specialist
I used koinly and their goyim pro version
Oh ok. I would rather pay the penalty too. I don't plan on cashing out large amounts of crypto just a couple thousand if I need it here and there. The current contract I had with my job just ended and I might be out of work for a couple months until the next one... so like in that case..
Easiest math way, if you get a $5k refund normally and cash out 20k profits at 20% tax rate, you'd still get a $1k refund so no quarterly taxes legally needed.
Jfc I'm going to go into crypto tax as a job aren't I?
quarterly taxes are a meme, they are not required. only thing required is paying by April 18th, 2022
Ron Paul was the only politician I can recall who wanted to abolish income taxes. You get a bill or check from the govt every year and that's it. You can check it over and argue any discrepancies but it would be so easy.
It's purposefully obscure. They're either trying to get you to overpay or underpay so they can fuck with you later and squeeze even more than you should owe in the first place. Hating the IRS is such meme, but we really should be way more pissed off about these shitbags raping the bank accounts of everyone who tries to make enough money to support themselves in this hellworld that they made to torture us.
>irs collects all my wage info by law
>and all my stock info
>and all my crypto info
>still required to file my own taxes
Why? I'm giving them zero new info, just send me a fucking bill
they do it this way just to annoy you
that's literally the reason
>have to waste hours of your own time sorting records and filling out forms
>or pay hundreds out of your own pocket to hire someone to do it for you, while still wasting your own time getting them all the relevant papers and answering their questions
>all so you can figure out how much you have to pay in taxes
>if you don't do this, you will go to jail if you're one of the unlucky ones that the IRS actually cracks down on
What a bullshit system.
Oh I remember years ago Intuit was lobbying against the govt "doing taxes for you".
>only thing required is paying by April 18th, 2022
>paying
not filing. paying. Just send those fuckers a round about check to cover and file an extension. Keep gambling. We're all gonna make it.
t. haven't filed since 2015
So much pointless waste in this system. I'd bet over 90% of individual taxes are just resubmitting documents the IRS already has
>user lets move into those new condos theyre renting for $2500 a month
>user my dad says we can live in his empty house
I never claimed crypto on my taxes last year and nothing happened.
But this year coinbase actually generates reports for you for taxes which sketches me out on if they were sending to the IRS.
Last year they only made forms for people who earned $600+ on staking