Hey! I have a crypto portfolio that is slowly growing big and it is divided between Coinbase and Bittrex. I have been day trading A LOT and I really don't have much records of my trades for 2017. How am I ever supposed to do my taxes on this?! How are you all going to deal with this? * I started with cryptos early 2017 * Only done taxes in US once before * I have SSN but not US Citizen
Dude everyone knows all you have to do is evade your taxes and just hang out in jail for a while. Just Google it.
I didn't mean to evade it, I honestly have no idea how to calculate all the trades between BTC > BAT > ETH > XPR etc... I have over 1000 trades and I read somewhere that IF I don't fill in ALL details correctly then that is a crime since I sign the papers?
The IRS doesn't know either. They still consider it property and have no guidance on conversions. Take a guess and hope they accept. If you sold more than a million get a lawyer to write you a letter that states you tried your best.
Incorrect. They provide guidance.
Oh cool, where is it? Haven't seen more than that paragraph from 2014 thus far. https://www.irs.gov/newsroom/irs-virtual-currency-guidance
The US based exchanges should be providing you with a statement to make things easier. I feel like I’m going to be spending many hours on this during tax time.
So are exchanges like CoinBase going to charge tax on gains during a crypto exchange? I just don’t understand the logistics. Many of us have hundreds of trades...how do they expect us to document each gain/loss?
Lol. I can't.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
Oh! Thanks!