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"Now, every time I want to make a transaction, I need to keep track of my taxes." I don't think it is really that bad. To keep things simple you can just have
by pmorici 13y ago
"Now, every time I want to make a transaction, I need to keep track of my taxes."
I don't think it is really that bad. To keep things simple you can just have two accounts one for your long term BTC investment where you have cap gains and losses and another for your spending money that is empty unless you want to buy something and then you buy enough BTC for your transaction which you immediately spend so you have no gain or less to keep track of.
- dllthomas 13y agoOr, easier, just have wallet software track all your transactions and generate a nice form for the IRS.
- pmorici 13y agoeven with software you would probably still want to maintain two different accounts so you aren't incurring tax liabilities willy nilly when you buy a bag of Cheetos. If you commingle everything then you would probably have to use FIFO accounting.
- dllthomas 13y agoPlausible - we should get an accountant to weigh in. In either case, should probably have the wallet handle things.