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Do you live in the US? If so, how do you deal with the tax implications of buying lots of things with crypto? It's my understanding that each of those is consid
by Trasmatta 6y ago
Do you live in the US? If so, how do you deal with the tax implications of buying lots of things with crypto? It's my understanding that each of those is considered a taxable event that you have to report on your tax return.
- gruez 6y ago>It's my understanding that each of those is considered a taxable event that you have to report on your tax return. Isn't that trivial to do from a reporting point of view? Just export your wallet history and do a lookup on that day's price.
- Trasmatta 6y agoYeah I guess so, it still seems like it could be a major pain. Especially if somebody, say, transferred money between wallets and didn't keep good records. Or messed up the cost basis somehow. Or didn't think to set aside the necessary taxes every time, and then finds themselves with an unexpectedly large tax bill at the end of the year. It's another reason why using a cryptocurrency is still a gigantic hassle in comparison to fiat.