Irs billed me 370k extra tax on my 2018 coinbase trades
Irs taxed me on my transaction total, not profit. I did many short day trades back then but barely made any profit at all if not at loss. Has anyone got similar exp? I guess I should call irs that its a mistake and I will just need calculate the actual loss to sumbit a tax amendment papar work? Will I be audited every year from now on... even its a mistake#investments #personalfinance
You didn’t file your 1099-b correctly to log your cost basis of the trades
This
Look up wash sale rule
I don't think it applies for crypto....
You filed your own taxes. What has it to do with irs.
Why didn't you pay taxes? You knew Coinbase is in bed with the IRS. Sounds like you made a killing on your crypto...
Don’t they give 1099?
Happed with me but was for RSUs. Went to tax consultant (H&R block), they drafted a response which I sent to irs. All resolved! Total cost was $100
You owe taxes on every trade. Congratulations on earning so much!
I laugh every time I read someone paying taxes on crypto 😂😂
Because....?
Because you're doing crypto wrong 😭
Sounds like maybe you didnt report your trades so they assumed a cost basis of $0 on every trade...? If that's the case, it's not a "mistake" unless you actually did report the trades..... I'd suggest your hire a CPA to fix it....