Post what you are thinking at this very moment

[PorkChopSandwiches]

[PorkChopSandwiches]

I have no idea how my tax guy came up with the figure on my cryptocurrency last year.

Did you cash any out? I didn't think you had to claim anything until you cash out. I have not provided any crypto info to my tax guy to date

[Teh One Who Knocks]

I haven't reported any on my taxes yet either. I haven't realized any profit so I figured it was pointless.

[DemonGeminiX]

Did you cash any out? I didn't think you had to claim anything until you cash out. I have not provided any crypto info to my tax guy to date

I haven't cashed out, but I have taken a lot of the learning rewards (get $3 in an asset for watching videos on that asset) and just converted it to either Bitcoin or Ethereum, which technically does have to be reported, as it's a transaction on assets that I've been holding for less than a year. And if I make money on that transaction, say I get the $3 and it rises in value by .03 before I convert it, then technically, that's a capital gain. If I lose value by .03, then I've taken a loss on that transaction. That could go towards tax-loss harvesting. On top of all of that, I'm holding staked crypto, and every time I get a pay out, that's considered income. Now granted, I'm not getting it in cash, it's just going back into the asset. None of this junk is any where close to being over $600 to begin with, at which point it would be absolutely necessary to report it by federal law. I'm pretty sure that's right, but I'm gonna pay FreeTaxUSA for a consultation to make absolutely sure of it.

There are reasons why Coinbase gives you a Gain/Loss report. Last year, my Gain/Loss report was freakin' huge. I moved a lot of tokens around, and that's probably why my tax accountant charged me $200 to do my taxes last year, because that Gain/Loss report was a lot to go through. This year, there isn't anywhere close to that level of activity in my Gain/Loss report, but I'm kind of falling out of love with crypto to begin with, so I'm not really messing with it right now. In either case, I'm cutting my tax guy out of the loop, because my shit is fairly simple, and there's no reason to be paying $200 to do taxes when I'm so good with numbers to begin with.

Check your accounts. If Coinbase or who ever else you're with have provided a 1099 for you to download, then it's pretty certain they're reporting it to the IRS and you have to claim it on your returns.

[DemonGeminiX]

Actually, now that I'm looking for information, Intuit had a FAQ:

If I didn't get a 1099-NEC or 1099-MISC, do I still need to report the income if it's less than $600?

Yes. The IRS requires that you report all of your income, even if it's less than $600 and you didn't get a tax form for it.

So even if you didn't get a 1099 and it's not above $600, technically, you still have to report it.

[DemonGeminiX]

If you're buying and holding, and not selling, you don't pay taxes on it. But if you trade between different assets, those are taxable transactions.

[DemonGeminiX]

Dividends/staked rewards are taxable regardless whether you take the cash or reinvest.

[PorkChopSandwiches]

I haven't cashed out, but I have taken a lot of the learning rewards (get $3 in an asset for watching videos on that asset) and just converted it to either Bitcoin or Ethereum, which technically does have to be reported, as it's a transaction on assets that I've been holding for less than a year. And if I make money on that transaction, say I get the $3 and it rises in value by .03 before I convert it, then technically, that's a capital gain. If I lose value by .03, then I've taken a loss on that transaction. That could go towards tax-loss harvesting. On top of all of that, I'm holding staked crypto, and every time I get a pay out, that's considered income. Now granted, I'm not getting it in cash, it's just going back into the asset. None of this junk is any where close to being over $600 to begin with, at which point it would be absolutely necessary to report it by federal law. I'm pretty sure that's right, but I'm gonna pay FreeTaxUSA for a consultation to make absolutely sure of it.

There are reasons why Coinbase gives you a Gain/Loss report. Last year, my Gain/Loss report was freakin' huge. I moved a lot of tokens around, and that's probably why my tax accountant charged me $200 to do my taxes last year, because that Gain/Loss report was a lot to go through. This year, there isn't anywhere close to that level of activity in my Gain/Loss report, but I'm kind of falling out of love with crypto to begin with, so I'm not really messing with it right now. In either case, I'm cutting my tax guy out of the loop, because my shit is fairly simple, and there's no reason to be paying $200 to do taxes when I'm so good with numbers to begin with.

Check your accounts. If Coinbase or who ever else you're with have provided a 1099 for you to download, then it's pretty certain they're reporting it to the IRS and you have to claim it on your returns.

I'll take a look

[Teh One Who Knocks]

[DemonGeminiX]

You still have to report all sales or transfers of any cryptocurrency you were holding. If you sold it, if you exchanged it for another token, and if you received staking, pay outs or those learning rewards. That's all taxable.



In other news, Jon Bernthal is returning as the Punisher in Daredevil Born Again. So The Netflix Punisher series is canon. However, it looks like Deborah Ann Woll and Elden Henson are being left out.

[Godfather]

Went and had some drinks with some coworkers tonight. One of them had a full on breakdown. That was... enlightening. Some people shouldn't drink.

[Teh One Who Knocks]

Went and had some drinks with some coworkers tonight. One of them had a full on breakdown. That was... enlightening. Some people shouldn't drink.

Yikes, how bad did it get?

[Pony]

Went and had some drinks with some coworkers tonight. One of them had a full on breakdown. That was... enlightening. Some people shouldn't drink.

Sounds like a fun person to take a long holiday booze trip with!

[DemonGeminiX]

Biden said in Philadelphia yesterday that MAGA Republicans were the ones that were calling for the defunding of police. That lying piece of shit motherfucker.

[Godfather]

Yikes, how bad did it get?

Full on bawling in the street after we left the bar... she's a manager. The crowd included two other managers, two more senior folks, and a former employee who was hanging with us that is now our client She was crying about how our COO didn't pay any attention to her or some irrelevant shit and how hard her life is, it got real dark and odd. So embarrassing and went on for way longer than the usual 'drunk girl cries' shit... she did not come to work Friday.