the tax nightmares people are creating for themselves right now is going to be biblical in scale when it unwinds
I’m in the process of trying to determine how we can use the 1099. Airbaker above makes it sound like the solution is to download all of your activity into Cointracking.com and then toggle the LIFO or FIFO inventory methods and that this tool will automatically reconcile the report.
I’ve not yet had a chance to look at anyone’s source data and see if it ties in. Would anyone volunteer their data and 1099 so that I can test it out. Volunteers? Totally in confidence of course.
Your dam right! what amazing support, have to say bosak is the man as well
Any uk members know of any other exchanges to change £ to Btc? without Coinbase obviously ️
Love you too Peter ️
I used to work in Europe for Network Associates, they contracted with PWC to handle all my expat taxes. 3 years after I was back in the US, I was living in Montana working for Oracle - I got a letter sent to my home from the IRS stating I owed them 468K. I immidiately signed power of attorney and a large retainer over to Travis Wolf, a big firm in Dallas who was totally empowered to communicate with the IRS and PWC on my behalf. After about 50K in fees to accountants, it was determined I owed about 28K to the IRS, not 468K… It cost me about 80K to solve the problem…
The IRS doesn’t care if label their reporting “erroneous” - they dont care at all, its 100% incumbent on the taxpayer to prove they are wrong. Coinbase can’t even keep the lights on, they just hired a customer service VP from twitter, the only thing she ever did was figure out how to ban conservatives in mass, she has no clue how to handle what is about to happen to them in terms of demand from both regulators and customers…Its going to literally be a meltdown when this comes to a head.
This is about to get really bad, people are going to find out the hard way that trying to fight the IRS, unless you have overwhelming resources to fight them, can be a life ruining experience.
Yes, IRS will have a hard edge against BTC owners, after all, they perceive that you tried to become BTC millionaires by somehow skirting them and they will be looking to make some examples of people.
eat your blackpills
God dam it John as well
I’ll admit it I love everyone here.️
I am keeping track of all my crypto in excel sheets for each of them. At the end of the year I will add up gains/loss and go it with my tax guy. When he files it I will be good. I pay the insurance for them to fight any IRS audits. I pay my taxes, but that doesn’t change the fact the agency is illegal by Constitutional authority. US needs to go to a flat tax instead of backing the fat cats with tax laws that benefit them while snatching opportunities from others.
Maybe I can turn this into a payday with a lawyer and get that moon ticket! Yes I will keep the pub informed. I sent a ticket to support and got an email that it will take several days to get a reply from them, so we shall see.
I have a pretty solid tax firm, they don’t know jack about crypto. I’m like you, I go out of my way to do it right and pay them every penny, its really the only patriotic thing to do. Flat tax would be great. Tax treatment on crypto right now is really really bad.
im usually very negative on these kinds of things resolving in the favor of the customer / consumer - but to be honest, putting thousands of people in legal jeopardy with the IRS is a really heinous thing to do…
How i do it
I think pure hodlers might escape doom, congratulations
Sure UK government will find someway to screw me over…always do. CG tax on anything above £11,300 i think.
But remember I am gambler so i will go that route and pay zero tax
hey brother, those economic migrants wont pay for themselves~ pay up!
Guess what i would pay up because when i would cash out i might actually buy something like a British car…oh wait they do not exist anymore!
Then I will get hit with another 20% tax for VAT! …hit me hard i will buy sod all or make sure i spend it abroad!
We love that crypto brochacho! This is ground zero here in the pub.
How’d you know they reported that? Mail or email or in your online account somewhere?
Well if you get into any problems with the IRS because of an info which coinbase gave up to them without having the right to do it… PAY DAY
They would violate your privacy and a good lawyer should be able to fuck them for it.