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All you need is what you bought the btc for in USD and what it cost in USD when you spend it. You pay tax on the difference. It's not complex at all.
by hparadiz 5y ago
All you need is what you bought the btc for in USD and what it cost in USD when you spend it. You pay tax on the difference. It's not complex at all.
- deleted 5y ago[deleted]
- lowercased 5y agoWhich btc are you spending? Most recent ones? Or oldest?
- hparadiz 5y agoFifo rules apply (first in, first out)
- lowercased 5y agonot sure why that would necessarily apply. with any stocks I own, I can choose which lots to sell. i don't have to handle them as FIFO.
- NovemberWhiskey 5y agoI'm genuinely interested to hear how this gets implemented in a way that's not grossly time-consuming. As I understand it, the requirement is basically that every time you use BTC for a purchase, you're required to identify the USD basis for the BTC and take a gain or a loss according to the USD value of the transaction, right? For me, it's painful enough to do that for a relative handful of stock trades throughout the course of the year, and that's with my brokerage tracking the basis and sale price of various lots for me. I can't even begin to imagine the nausea of having to track all that myself and report it.
- lallysingh 5y agopip install cryptotax (seriously)