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Do you have investments or businesses of any type? Do you itemize your deductions? My biggest time sink this year was sorting out how to file crypto gains/loss
by all2 3y ago
Do you have investments or businesses of any type? Do you itemize your deductions?
My biggest time sink this year was sorting out how to file crypto gains/losses. After two hours of struggle, I found that I had to pay income tax on about 15 dollars of capital gains.
- whimsicalism 3y agoI just take the standard deduction. Investments: Yes, I have to file a 1099. Business: no. Crypto: I think your holdings have to be significant for it to matter whether you file this or not, maybe I broke a law here.
- iends 3y agoYou broke the law if you sold crypto, regardless of amount.
- whimsicalism 3y agoRealistically what penalty do you think GP would face if they had failed to report those $15 in capital gains.
- maxerickson 3y agoSure, but that isn't what they are saying, they are saying that the tax code is that you report the gain. I think most people don't report interest that is below the reporting threshold for the bank either. Doesn't change what the tax code says you are supposed to do.
- ac29 3y agoThe 2022 1040 has a line that says "At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?" If the answer is yes, but you put no so that you didnt need to file any additional details, thats definitely illegal.