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1
Posted on 5/11/21 at 10:36 am to DownshiftAndFloorIt
I gotta tax question for everyone here
When reporting crypto tax, would you report every single transaction even if it’s meaningless like a stable coin or just report actual taxable exchanges?
I’ve been keeping track of everything so I can survive an audit but I’m wondering if I can save time.
For example, instead of doing btc -> usdc -> usd, just reporting the btc > usd
When reporting crypto tax, would you report every single transaction even if it’s meaningless like a stable coin or just report actual taxable exchanges?
I’ve been keeping track of everything so I can survive an audit but I’m wondering if I can save time.
For example, instead of doing btc -> usdc -> usd, just reporting the btc > usd
Posted on 5/11/21 at 10:56 am to Tiguar
i just plan to claim the total made and pay my CG on that.
Posted on 5/11/21 at 10:57 am to lsu777
That’s what I intended to do but looking at the tax form, they want you to list explicit transactions like you would stonks.
Sort of annoying
Sort of annoying
Posted on 5/11/21 at 11:06 am to Tiguar
I paid the service for one of the programs that’s supported by coinbase. Less than $100 and way light years better than me trying to figure out 100+ transactions
Posted on 5/11/21 at 11:11 am to WG_Dawg
quote:No minimum required
Is there a minimum amoutn of eth/btc you have to have in there to begin getting rewards?
quote:This is correct but I think the percentage is 10%. I buy USDC on coinbase and send over to Celsius
as far as the 12% return on stablecoins...am I understanding right that I can just use regular us dollars from my checking account and buy USDC with it, then have it sit there in celsius and make 12% interest on it?
quote:No catch other than it isn't FDIC insured. Celsius is loaning out your money making a profit on their end.
That almost sounds like a "too good to be true" situation..waht's the catch?
Here is a referral link if you take the dive in. You get $40 in bitcoin if you transfer >$400 worth of any coin and hold it there for 30 days
LINK
(Code is 1489414fd8)
This post was edited on 5/11/21 at 11:16 am
Posted on 5/11/21 at 11:18 am to Tiguar
I put all transactions on the report. I upload the API data into Bitcoin.tax and it does everything for me. If I was doing it myself, I'd probably just go BTC -> USD in your case since the stablecoin and USD are the same.
Posted on 5/11/21 at 11:28 am to TigerTatorTots
Thanks
Posted on 5/11/21 at 11:54 am to CE Tiger
quote:
How much did your rig cost?
MSI Gaming rig cost like 2K if I recall. Was a while ago when I got it
Has a nVidia GeForce RTX 2060 and a hash rate around 40 MH/s
Posted on 5/11/21 at 11:57 am to Ross
quote:
Nicehash predict will earn 3K this year from mining on their medium setting. About ten dollars a day using 73W which amounts to like ten cents a day of energy
I can dig it
I was getting 10 dollars per day but now it says 25 lol (Nvidia 3080) 85 to 90 mhs
This post was edited on 5/11/21 at 11:59 am
Posted on 5/11/21 at 12:12 pm to 21JumpStreet
yea. gotta wonder if this is the new normal or there will be another rotation into btc like we saw in 2017
seems like many retail plebs are comfortable just chasing around random shitcoins hoping to cash out on the circus before it closes
will be an interesting summer lol
seems like many retail plebs are comfortable just chasing around random shitcoins hoping to cash out on the circus before it closes
will be an interesting summer lol
Posted on 5/11/21 at 12:49 pm to dagrippa
Yea all of the profits are doubled up, at minimum right now. Usually only lasts a few days at most and then the transactions/gas fees will cool off
Posted on 5/11/21 at 12:49 pm to RATeamWannabe
quote:
I paid the service for one of the programs that’s supported by coinbase. Less than $100 and way light years better than me trying to figure out 100+ transactions
Which service?
Posted on 5/11/21 at 1:43 pm to Iowa Golfer
Been playing around with the matic network on MetaMask on my phone. After bridging over some Eth to the matic network it’s pretty cool to play around on quickswap. Bought 9 trillion PolyMoon coins hoping others decide the network is cool
And are looking for a moonshot.
And are looking for a moonshot.
Posted on 5/11/21 at 1:45 pm to CE Tiger
quote:
Been playing around with the matic network on MetaMask on my phone. After bridging over some Eth to the matic network it’s pretty cool to play around on quickswap. Bought 9 trillion PolyMoon coins hoping others decide the network is cool
And are looking for a moonshot.
Pulse is coming out soon (within weeks).
You will get all your ERC20 tokens copied onto the pulse network (as long as you have them in a decentralized wallet) for free.
Pulse will be cheaper and faster than Eth
Posted on 5/11/21 at 2:39 pm to bayoubengals88
Just curious what you tell anyone who has zero crypto who asks you how much Bitcoin should they buy if they are holding long term > 10 years. Just like I have been telling people for the past 5 years, buy at least 1 Bitcoin. I have nephews, nieces and friends who never listened to me but some are now admitting they wish they would have. I just tell them it's never too late, but buy what you can as soon as you can. One nephew said he could only afford to buy 0.1 BTC this year and I told him to do it asap.
Posted on 5/11/21 at 2:40 pm to 98eagle
quote:
Just curious what you tell anyone who has zero crypto who asks you how much Bitcoin should they buy if they are holding long term > 10 years. Just like I have been telling people for the past 5 years, buy at least 1 Bitcoin. I have nephews, nieces and friends who never listened to me but some are now admitting they wish they would have. I just tell them it's never too late, but buy what you can as soon as you can. One nephew said he could only afford to buy 0.1 BTC this year and I told him to do it asap.
I'd tell them to buy hex, stake it for 10-15years. They won't sell it so price fluctuation won't affect them. They'll gain more shares over those 10 years.
This post was edited on 5/11/21 at 2:41 pm
Posted on 5/11/21 at 2:46 pm to 98eagle
As much as they could afford.
Posted on 5/11/21 at 2:55 pm to boomtown143
where can I read more about pulse
Posted on 5/11/21 at 2:58 pm to 98eagle
quote:People with zero that are interested, I tell them to buy 5-10% of their net worth in BTC. People who are completely anti crypto, I tell them 1% as the risk is basically nothing for them and the potential upside is that turning into 10% of their net worth. the 5-10% could turn into 50% if they hold for many years.
Just curious what you tell anyone who has zero crypto who asks you how much Bitcoin should they buy if they are holding long term > 10 years. Just like I have been telling people for the past 5 years, buy at least 1 Bitcoin. I have nephews, nieces and friends who never listened to me but some are now admitting they wish they would have. I just tell them it's never too late, but buy what you can as soon as you can. One nephew said he could only afford to buy 0.1 BTC this year and I told him to do it asap.
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