You don't have to report income unless you cash it out and made money on it. If you just send it for something like purchasing cannabis, you didn't have any capital gains.
@907ak420 Looks like most of us are going to be required to fill out an 8949 form then. Luckily Coinbase will have a pdf available but I can't find any spot on TaxAct where to report it.
You have to fill out a separate 8949 form for each type of currency. I think its pure bullshit though.
Since the IRS will be so swamped, they just simply don't have the resources nor time to audit every crypto holder who didn't fill out an 8949.
IRS is simply a debt collector for the private Rothschild criminal banking cartel that LENDS us our money so I don't feel one shred of remorse not reporting my crypto shit.
I'd recommend only doing taxes on btc that was transferred to dollars. Moving btc from wallet to wallet is not a taxable event. Purchasing a legal product with btc is technically taxable. Purchasing anything else ...... I guess you could also pay back taxes for anything purchased with cash in the last 7 years also.
If you don't sell bitcoin but only buy it for purchasing items what's the IRS interest? You neither gained or lost on the transaction of sending crypto you purchased to a wallet you assigned the transaction to.
The IRS wants to know who messes with bitcoins bc so many people do. They want a list. The bitcoin tax question that was added a couple years ago is to identify these people. Especially people below the reporting threshold. I think next year the IRS is tightening up even more on bitcoins.
@Limonene ya and next they'll want a list of all your transactions and the wallets it went to. The IRS is an extremely ruthless evil criminal organization that imposes misery on the American people.
Sad part is, most Americans think the IRS and Fed Reserve are part of the government, which they're not.
The irs is a government entity. For years now I have gotten scammed out of hundreds of dollars worth of btc every month. I also had a boating accident in which I lost the majority of my crypto.
Comments
Nope. Who did the emails come from?
SCAM
Yes. If you have a realized gain from crypto you own, you will be liable for taxes as it is considered income.
@Good2Go they came from cashapp
You don't have to report income unless you cash it out and made money on it. If you just send it for something like purchasing cannabis, you didn't have any capital gains.
^ consult your tax advisor about your weed habits.
@907ak420 Looks like most of us are going to be required to fill out an 8949 form then. Luckily Coinbase will have a pdf available but I can't find any spot on TaxAct where to report it.
You have to fill out a separate 8949 form for each type of currency. I think its pure bullshit though.
Since the IRS will be so swamped, they just simply don't have the resources nor time to audit every crypto holder who didn't fill out an 8949.
IRS is simply a debt collector for the private Rothschild criminal banking cartel that LENDS us our money so I don't feel one shred of remorse not reporting my crypto shit.
I'd recommend only doing taxes on btc that was transferred to dollars. Moving btc from wallet to wallet is not a taxable event. Purchasing a legal product with btc is technically taxable. Purchasing anything else ...... I guess you could also pay back taxes for anything purchased with cash in the last 7 years also.
You all don’t know enough about what needs to be known to know if what you’re saying is known to be true. Stop giving tax advice !!!!!!!!!!!!!!!!!
I'd like to offset my gains in crypto by my losses in USD value.
If you don't sell bitcoin but only buy it for purchasing items what's the IRS interest? You neither gained or lost on the transaction of sending crypto you purchased to a wallet you assigned the transaction to.
The IRS wants to know who messes with bitcoins bc so many people do. They want a list. The bitcoin tax question that was added a couple years ago is to identify these people. Especially people below the reporting threshold. I think next year the IRS is tightening up even more on bitcoins.
@Limonene ya and next they'll want a list of all your transactions and the wallets it went to. The IRS is an extremely ruthless evil criminal organization that imposes misery on the American people.
Sad part is, most Americans think the IRS and Fed Reserve are part of the government, which they're not.
Come at me IRS. I'm doing nothing to help.
The irs is a government entity. For years now I have gotten scammed out of hundreds of dollars worth of btc every month. I also had a boating accident in which I lost the majority of my crypto.