I like where your head is at
Comment on SEC says it will deregulate cryptocurrencies with 'Project Crypto'
neon_nova@lemmy.dbzer0.com 1 week ago
Will this mean that I won’t need to report every single transaction on my tax returns?
It would be real useful to use crypto for international money transfers.
Reverendender@sh.itjust.works 1 week ago
acosmichippo@lemmy.world 1 week ago
the IRS needs some way to track income based on the fluctuating value of crypto.
iopq@lemmy.world 1 week ago
When you change btc into eth the IRS considers it realizing your capital gains. Even though you don’t have USD to pay extra taxes with.
neon_nova@lemmy.dbzer0.com 1 week ago
It’s not about avoiding taxes, it’s having to submit every single transaction you make in crypto on your tax forms. One year I had to manually compile hundreds of transactions. Only for the irs forms to show their of a net loss and no taxes needed to be paid.
I wasn’t using it as an investment, so I didn’t care about the loss, which was under $10 anyway.