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In 2017 I played with a bunch of cryptocurrencies and made a small amount of money, which I decided to report. Oh my god was that a pain. No help from the exch
by habosa 6y ago
In 2017 I played with a bunch of cryptocurrencies and made a small amount of money, which I decided to report.
Oh my god was that a pain. No help from the exchanges whatsoever. Had to compile a huge spreadsheet myself to make a big custom 1040/8949.
I hope it's easier now. I'm also glad they're trying to enforce this now. I know many people who made money speculating on crypto and not one of them reported it. The crypto community has a really nasty anti tax undercurrent (see: crypto communities moving to Puerto Rico)
- AYBABTME 6y agoSame, and it made me decide I wouldn't deal with cryptocurrencies until this stuff has proper infrastructure around it. It was such a pain in the behind to write scripts to reconcile all the weirdly formatted transactions and movements across exchanges. I'm not even sure it worked out properly in the end, but after spending 5 days doing it, I decided what I got was probably close enough to the truth, and I called it day. If the IRS is ever unhappy about it, I wish them good luck figuring out the actual number. I'll happily pay the penalty if they make the calculation for me and save me the trouble!