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The way US taxes generally work is that you don't provide the transaction-level details to the IRS when you file your taxes, just the aggregate. You only provid
by paulgb 6y ago
The way US taxes generally work is that you don't provide the transaction-level details to the IRS when you file your taxes, just the aggregate. You only provide the transaction-level details if and when you are asked to during an audit.
- unnouinceput 6y agoRead the article. In regards to crypto they expect exactly that. Here is another quote from article, above: "“Buying a sandwich with cryptocurrency shouldn’t be a taxable event,” says Sean Cover, a New York City cryptocurrency holder who works in finance for a nonprofit group. He says that in 2017 he had more than 500 transactions on several platforms, and it took him 10 hours to prepare his crypto tax forms even though he paid for special software. "
- paulgb 6y agoOh, you're right, it looks like the IRS requires every crypto transaction to be listed on form 8949. My mistake.
- gamblor956 6y agoA crypto transaction is a transaction of a capital asset, so yes, it is exactly that and Sean should choose to use regular USD next time if he doesn't want to track all of his capital asset transactions. You live by the sword, you die by the sword, and all that. But generally if your return would exceed a certain length you now have to file electronically.