This is so nice of them because now the IRS will notify you to help you out in case you forgot by chance to declare some small transactions in 2017 or did a small mistake here and there
/s
Ya theyll tell you they think your math is wrong, send you a bill assuming your cost basis is $0, then leave it on you to prove your actual cost basis via documents that dont exist/you cant get cuz odds are the degenerate CEX you used is bust.
It was a clusterfuck of back and forth between exchanges and wallets "back in the days" because I learn by testing things out. So... I think i have done my taxes correctly...
Should be able to provide a csv file to do taxes and u just say to tax person if they were long term or short term gains lol thankfully mine were all short term gains and my person doing taxes had done crypto taxes before so they weren't lost
For proof of stake blockchains, staking your native token helps secure the network. In return, you earn a reward. That yield varies across different chains (examples: ETH, MATIC, SOL, AVAX). You do this using a self custody wallet rather than a middleman (CEX).
There is no reason to leverage earn products on CEXes when the risk is greater and the yield lower. DeFi beats CeFi in both categories.
If you’re trying to cheat your taxes via a KYC exchange, you’re gonna have a bad time…
if you are using KYC exchange, you're gonna have a bad time*
This is so nice of them because now the IRS will notify you to help you out in case you forgot by chance to declare some small transactions in 2017 or did a small mistake here and there /s
Ya theyll tell you they think your math is wrong, send you a bill assuming your cost basis is $0, then leave it on you to prove your actual cost basis via documents that dont exist/you cant get cuz odds are the degenerate CEX you used is bust.
That sounds personal.
🙄😅
Yah, gotta collect more tax money to
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It was a clusterfuck of back and forth between exchanges and wallets "back in the days" because I learn by testing things out. So... I think i have done my taxes correctly...
I suppose I now am in the find out phase.
Be correct for State isn't enough.
Here's to hope!
Should be able to provide a csv file to do taxes and u just say to tax person if they were long term or short term gains lol thankfully mine were all short term gains and my person doing taxes had done crypto taxes before so they weren't lost
Never willing to buy any btc on exchange anymore
A reminder that the state can get absolutely fucked, and that taxation is theft.
If you have to pay taxes or feel that you have to, pay as little as legally possible and keep the bigger share of what's left.
CEXes continue to make this space difficult for people. Go self custody your assets and DeFi as an alternative.
Can you explain what this means - DeFi as an alternative? What are some specifics?
Happy to!
For proof of stake blockchains, staking your native token helps secure the network. In return, you earn a reward. That yield varies across different chains (examples: ETH, MATIC, SOL, AVAX). You do this using a self custody wallet rather than a middleman (CEX).
There is no reason to leverage earn products on CEXes when the risk is greater and the yield lower. DeFi beats CeFi in both categories.
Wasn't this already the case?
deleted by author
deleted by author
This is for transactions from 2016 - 2020.
Do you believe in the State that will only take related things during this period? So innocent?
That's not what I said. I'm correcting the assumption being made here that only people from 2024 deserve to get rekt.
Ok.