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Read the article. In regards to crypto they expect exactly that. Here is another quote from article, above: "“Buying a sandwich with cryptocurrency shouldn’t b
by unnouinceput 6y ago
Read 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.