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Easy. I used Turbo Tax this year for the first time. Turbo see what you paid, what you sold, loss and profit. I have multiple accounts. I think it was $96 for both federal and state.
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Did you miss the deadline?
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Warren Buffet recently said he would not pay $25 for all of bitcoin. He may be worth listening to.
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not sure what's happening...gemini had me explain a 32 dollar transfer
month later locked up any other transfers till i updated my ID/picture...they already have on file
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its not that hard, just go to GENIMI, COINBASE, FTX OR CRYPTO.COM
and open an acct,
its tied to your bank acct,
so they want all the same info maybe a little more
after your verified you can buy crypto
it comes right out of your bank acct
and now is probably a good time to buy since everything is down
when you make money on it pay taxes on it
if you make a million you will be glad to pay 150k in taxes
make the move
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"Go4inchesdeep"
Appreciate you giving me credit for that extra 2 inches Marty.
Not that it matters really
As long as i goballsdeep and get mine, idgaf
You know, like I did on your face the other day
What a fucking gooey mess that was, eh?
).gif)
"Crypto"
Ok, now we're back on topic
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Hope you filed an Extension by the 4/15 so you bought your self another six months time.
Tie Crypto to your bank account and they have that Gotcha moment when you transfer profits to it. Much like Capitol Gains taxes, so I understand. I could be wrong.
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Any time you sell or exchange you have a reportable transaction and on page 1 of Form 1040 there is a question if you ever did anything with virtual currency. It is NOT private and it IS taxable and it IS a target issue for the IRS. Even if you use it for Sbux coffee you now have created a taxable reporting event. You need Coinbase or another platform so you will be able to populate Fed Form 8949 and Sch D to report your gains/losses. It is property and the sales of property must be reported.
Good luck.
TA
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looks like the big brokers like a gemini are doing reviews of transfers...don't like transfers to eastern europe, porn or poker. i knew they didn't like poker and had a separate wallet for that, but it was a pain in the butt and cost extra money
said close acct in five days
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I highly recommend using
http://cointracker.io
You can attach all your wallets (coinbase, etc) and theres a tax software you can get and connect it to Turbotax and it calculates all the loses.
I was suppose to pay 4k in taxes i was like wTF? Then I used coinbase it actually calculated all the loses in BTC and tells what the profit margin was. Helped a lot!
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been meaning to get NEW broker that had a few more offerings...gemini didn't have a lot of em and felt when they added them later front-ran the whole thing
so this got me off my ass
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| There are 11 comments on this blog. |
