This makes me very happy that I am in the sub-10K mark and did not receive any notice of any kind; from coinbase or the IRS....
On top of which; My actual income last year was pretty pathetic... near zero as I was only well enough to resume my work as a surveyor for around 2.5-3 months and got a 100% refund.
This year; I have only made one GDAX sale of BTC, and that was right near 10K, I think I sold .005.... and put that directly into a buy order at around the 6K mark for the chance a flash-crash happens.
I have however transferred around or exactly .05 multiple times back and forth to GDAX and back to my coinbase wallet because of the market movements, sitting ready to hit the button if the market did what I thought might happen (but didn't). I only keep at-most .5-.10 in coinbase; even they can go insolvent and I am highly weary of that to this day.
I wonder what the difference between the records of pro and GDAX are/were; I haven't looked into the details that separate them, but it irks me knowing I sold at most $300USD to cover rent twice; but the reports of my wallet/total amount I had in that time was in the magnitude of multiple thousand... which just doesn't add up in my eyes (it was pro back then), and those sells/micro buys were for literal gains of maybe 10K satoshi each, or just for a selloff to be able to pay rent.... yet coinbase said I had multiple thousands in value when I personally know I had .5 in my offline personal wallet not associated with them. I can see the old PRO buys/sells in my GDAX history as well (from pre-2017).
I was very uneasy about any exchange back then (still weary because of the MountCocks fiasco), and only sent to coinbase when I wanted to spend it; and the Tx fees were very small (very pre-2017).
So overall, this is why I am lucky I am 100% under the radar, and a lot of it was traded F2F for other assets back then so I could flip those assets and equalize my rent concerns.... Being out of work; I had to make ends meet somehow, and with the most amount of profit on my end.
Topic: Number 9! Ninth altcoin thread. Back to the moon Baby! - page 145. (Read 66416 times)
legendary
Activity: 1848
Merit: 1166
My AR-15 ID's itself as a toaster. Want breakfast?
is anyone considering the legality of applying new rules ex-post-facto? Ex-post-facto fights usually end up being won by the defendant, not the person forcing the ruling on pre-rule days.....
Being the initial ruling of a commodity with no specific tax requirements, I think it might be a valid thought.
Being the initial ruling of a commodity with no specific tax requirements, I think it might be a valid thought.
well my method of doing the mining earnings as an rebate reducing the cost value of a cpu card gets an accurate number.
and I had no guidance published for years. So they then came along with the
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
which I feel I followed and did not deviate from. but when I got the pre audit letter looks to me like it will mean disclosing thousands of transaction to give them what they want.
"Q-4: What is the basis of virtual currency received as payment for goods or
services in Q&A-3?
A-4: The basis of virtual currency that a taxpayer receives as payment for goods or
services in Q&A-3 is the fair market value of the virtual currency in U.S. dollars as of the
date of receipt. See Publication 551, Basis of Assets, for more information on the
computation of basis when property is received for goods or services."
I would use the value paid ie 500 in btc for a gpu was put as 500 in gross income
link
https://www.wfmz.com/news/irs-going-after-cryptocurrency-users-with-warning-letters/1100279453
"The IRS is sending out three types of letters to taxpayers — known as Letter 6173, Letter 6174 and Letter 6174-A — depending on the severity of the issue.
I got 6174-A which is not as bad as 6173 according to this below
https://www.theblockcrypto.com/tiny/cryptocurrency-investors-start-receiving-letters-from-the-irs/
makes sense as GDAX + coinbase or pro coinbase + coinbase issue is what is worse its sees it.
I think It is all I need to report on.
legendary
Activity: 1848
Merit: 1166
My AR-15 ID's itself as a toaster. Want breakfast?
is anyone considering the legality of applying new rules ex-post-facto? Ex-post-facto fights usually end up being won by the defendant, not the person forcing the ruling on pre-rule days.....
Being the initial ruling of a commodity with no specific tax requirements, I think it might be a valid thought.
Being the initial ruling of a commodity with no specific tax requirements, I think it might be a valid thought.
Makes me want to change my way of cashing out. Mine to non-us exchanges without kyc access the exchanges using a vpn. Convert everything to zec then send to a shielded address zec wallet. Then send to coinbase in large chunks to cash out, this way its easy to report and the ass hats can't trace it backward.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
I don't mind reporting as I have not made a ton of money.
What I do mind is that it kills my business plan as a simple thing like the following example buy a 2 card rig direct from hp.com with a cc or PayPal. pretend it was 2k
so cost of goods sold = 2k
mine for 3 months earn 500 spend 200 in power
means a gain of 300
rig was really 1700 for cost of goods.
I consistently treated the mining profit as an exotic rebate for years
why did I do this the asshole government gave no guidance for years.
now lets say I sold the rig for btc pretend it was in Jan 2018 when gear was high in price.
I got 2400 in btc. I said cost of goods was 1700 my profit was 700. it really was 700 profit.
that 1 deal will now need four or five pages of paperwork .
and I have yet to mention that I have the 2400 in my wallet which is technically an account. moved it to coinbase let it sit a bit moved it to GDAX sold it moved the cash back to coinbase let it sit a bit. after all fees etc I moved 2350 cash to my bank.
so my real and true profit is only 650. Which is what I reported.
Not going to work that way for them I will need to redo every single gear sale I did for years.last 3 years maybe 100,000 in sales of gear with a profit of 10,000 will need 3 tax returns plus next years return
so 4 returns with 100 plus pages of reporting for each one.
So this will effectively end all purchases and sales of gear with any coin for me. And I think I need to redo
2016, 2017 ,2018 returns because they are not reported the way they want although I paid the proper taxes or very close to the proper taxes.
I will be posting here as this goes on. And may seem some gear with cash payment to people I trust down the road. I have to see how this develops.
That's crazy I would talk to an accountant, I assume you use are a schedule C? Really reinforces the need for for an account that is not linked to do buying and selling and only using coinbase to cash out.
Makes me want to change my way of cashing out. Mine to non-us exchanges without kyc access the exchanges using a vpn. Convert everything to zec then send to a shielded address zec wallet. Then send to coinbase in large chunks to cash out, this way its easy to report and the ass hats can't trace it backward.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
I don't mind reporting as I have not made a ton of money.
What I do mind is that it kills my business plan as a simple thing like the following example buy a 2 card rig direct from hp.com with a cc or PayPal. pretend it was 2k
so cost of goods sold = 2k
mine for 3 months earn 500 spend 200 in power
means a gain of 300
rig was really 1700 for cost of goods.
I consistently treated the mining profit as an exotic rebate for years
why did I do this the asshole government gave no guidance for years.
now lets say I sold the rig for btc pretend it was in Jan 2018 when gear was high in price.
I got 2400 in btc. I said cost of goods was 1700 my profit was 700. it really was 700 profit.
that 1 deal will now need four or five pages of paperwork .
and I have yet to mention that I have the 2400 in my wallet which is technically an account. moved it to coinbase let it sit a bit moved it to GDAX sold it moved the cash back to coinbase let it sit a bit. after all fees etc I moved 2350 cash to my bank.
so my real and true profit is only 650. Which is what I reported.
Not going to work that way for them I will need to redo every single gear sale I did for years.last 3 years maybe 100,000 in sales of gear with a profit of 10,000 will need 3 tax returns plus next years return
so 4 returns with 100 plus pages of reporting for each one.
So this will effectively end all purchases and sales of gear with any coin for me. And I think I need to redo
2016, 2017 ,2018 returns because they are not reported the way they want although I paid the proper taxes or very close to the proper taxes.
I will be posting here as this goes on. And may seem some gear with cash payment to people I trust down the road. I have to see how this develops.
In Canada there is an even bigger mess with Crypto taxes.
I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.
Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.
Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
Yes- I quit using them when it took more than two weeks to get out $$ in January 2018. A friend had even bigger amounts that took him 6 weeks to get out ...just before Quadriga went extinct 11 months later.
I haven't cashed out into CAD $ since Jan 2018. I've been holding some of my crypto in TUSD and USDC instead. Once I find a safe Cdn Exchange, then I'll cash out some.
Currently, I'm exploring:
A. Coinsquare and Coinberry. Not sure i like their fees.
or
B. I might set up a USD bank Account thru TD or RBC... and cash out in USD through Bittrex or Gemini. But that will mean other bank fees when I convert it to CAD $.
How are other Canadians on this thread doing this?
Makes me want to change my way of cashing out. Mine to non-us exchanges without kyc access the exchanges using a vpn. Convert everything to zec then send to a shielded address zec wallet. Then send to coinbase in large chunks to cash out, this way its easy to report and the ass hats can't trace it backward.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
I haven't done the above because i'm too lazy and report my gains anyway. But I do not like the idea of the government being trace my crypto.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
That sounds horrible.
that is really fucked up. I don't feel too bad.
I guess a lot of us are struggling on the tax level and never brought it up. I found that the IRS is looking to do a 10,000 to 20,000 letter mailing campaign . Since my last name is an A I got letter earlier then others so if you are USA based and did a decent amount of transactions expect a letter.
I will need to alter my approach to this.
I may simply buy and hold 1 btc and 10 ltc.
and solo mine btc with a r606
along with solo mine ltc with an apollo .
Still bullshit on the site and end all business dealings from Nov 2019 to 2022 or until I know I figured out how to report my mess.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
That sounds horrible.
In Canada there is an even bigger mess with Crypto taxes.
I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.
Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.
Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
Crypto taxes are never easy, even if you got the funds to pay the tax bill the amount of work involved to calculate everything out to the dollar is stressful.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
I used gdax for the cheaper fees. Did not margin trade.
I will give bitcoin.tax a look.
i just do everything at gdax now, including going into or out of fiat. its slower to your bank (few days) than with coinbase but no fees either.
ive used bitcoin.tax for a couples years, works ok. even can figure out mining income for some coins, just give an addy.
Crypto taxes are never easy, even if you got the funds to pay the tax bill the amount of work involved to calculate everything out to the dollar is stressful.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
I used gdax for the cheaper fees. Did not margin trade.
I will give bitcoin.tax a look.
legendary
Activity: 1848
Merit: 1166
My AR-15 ID's itself as a toaster. Want breakfast?
Phil, you may be onto something...
So correct me if i'm wrong, I send lets say .5 to GDAX; my account goes less as a result; then I send .5 from GDAX back into my account.... they are counting it all....
So correct me if i'm wrong, I send lets say .5 to GDAX; my account goes less as a result; then I send .5 from GDAX back into my account.... they are counting it all....
Crypto taxes are never easy, even if you got the funds to pay the tax bill the amount of work involved to calculate everything out to the dollar is stressful.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
You got websites like Bitcoin.Tax however it's never perfect and requires lots of manual intervention. Then there is the issue if you margin traded which the website does very poorly or not at all.
SPENT A DAY looking at all reports. As I filed what I thought was accurately for 2018.
Looks like I made more work by this method of cashing out.
say 1 coin (5000 value) in coinbase transferred to gdax it creates a cap gain or loss. pretend it was acquired for 4500(cost value) and moved at 5000 value to gdax.
cap gain of 500 is created.
now when the coin is in gdax to be sold into cash instantly the problem is gdax did not list cost value as anything. they list the sale of it for 5000.
I then transferred it to coinbase and then to bank account. So coinbase shows a 5000 deposit.
So it effectively makes me look like I got 5000k value coin at ? value in gdax
and it makes me look like I got a 5000k cash deposit into coinbase.
3 possible gains 500 true gain
? cost value sold for 5000 in gdax
5000 cash sent to coinbase.
so while in reality my gain is 500
it looks like at least 500 + 5000 = 5500 + the unknown number in gdax
It will take a while to build a report on a spread sheet that shows what happened.
Saving grace it is for 2018 and 2019
2018 was a small cap gain loss and maybe 3-5 days work for me ot make up a spread sheet.
2019 is not due till next year. a little less entries to do. and if I stay fully within coinbase even though fees will be higher the paperwork will be greatly reduced.
Looks like I made more work by this method of cashing out.
say 1 coin (5000 value) in coinbase transferred to gdax it creates a cap gain or loss. pretend it was acquired for 4500(cost value) and moved at 5000 value to gdax.
cap gain of 500 is created.
now when the coin is in gdax to be sold into cash instantly the problem is gdax did not list cost value as anything. they list the sale of it for 5000.
I then transferred it to coinbase and then to bank account. So coinbase shows a 5000 deposit.
So it effectively makes me look like I got 5000k value coin at ? value in gdax
and it makes me look like I got a 5000k cash deposit into coinbase.
3 possible gains 500 true gain
? cost value sold for 5000 in gdax
5000 cash sent to coinbase.
so while in reality my gain is 500
it looks like at least 500 + 5000 = 5500 + the unknown number in gdax
It will take a while to build a report on a spread sheet that shows what happened.
Saving grace it is for 2018 and 2019
2018 was a small cap gain loss and maybe 3-5 days work for me ot make up a spread sheet.
2019 is not due till next year. a little less entries to do. and if I stay fully within coinbase even though fees will be higher the paperwork will be greatly reduced.
legendary
Activity: 1848
Merit: 1166
My AR-15 ID's itself as a toaster. Want breakfast?
yeah, i have beef with coinbase's sayings that I has several thousands worth of BTC in my account during the height of the mining/price boom; wherein i never had more than ~480-560 in the account....
I never got any tax messages though, so I think I flew properly under the requirements for taxes? Yet... there were no rules on taxes against that commodity during that time anyways.....
All of my trading was done through different exchanges or private party; and only once did I cash out a chunk to pay my full months rent with it.
I did do a handful of micro-payments buying small things on my shift card (a drink here, a ticket there, some shopping now and then) for under $20-$25 each time.
Maybe it adds up... but; to be honest; I think its an inflated number somehow.
I never got any tax messages though, so I think I flew properly under the requirements for taxes? Yet... there were no rules on taxes against that commodity during that time anyways.....
All of my trading was done through different exchanges or private party; and only once did I cash out a chunk to pay my full months rent with it.
I did do a handful of micro-payments buying small things on my shift card (a drink here, a ticket there, some shopping now and then) for under $20-$25 each time.
Maybe it adds up... but; to be honest; I think its an inflated number somehow.
Note this applies to USA and the IRS
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
this seems like a massive headache.
It is unreal. Lets say you pulled 950usd in btc (ie 1 btc) from coinbase moved it to gdax/procoinbase list it at a limit price of 9500 (when coins are at 9300) and It takes six transactions to sell it in 3 minutes as prices fluxed up and down rapidly .
After 3 minutes you have 9500 usd minus fees say 9490 net. you move the cash back to coinbase then send it to your bank.
Pretty simple you spent 5 minutes to basically sell a coin for 9490 after fees.
it generates about 17 lines of info for basically a single sale. (which was reported incorrectly as a single sale by me)
I now need to show all 6 micro sales for that deal. It appears I have about 200 transactions on gdax but they generated around 5 or 6 micro transactions. so I need show say 6 x 200 = 1200 micro transactions.
Any easier way to cash out to dollars? Last year Coinbase sent me a 1099 saying I had 1.5 million in sales, lol. I just downloaded all transactions into a spreadsheet and totaled it.
Note this applies to USA and the IRS
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
this seems like a massive headache.
It is unreal. Lets say you pulled 950usd in btc (ie 1 btc) from coinbase moved it to gdax/procoinbase list it at a limit price of 9500 (when coins are at 9300) and It takes six transactions to sell it in 3 minutes as prices fluxed up and down rapidly .
After 3 minutes you have 9500 usd minus fees say 9490 net. you move the cash back to coinbase then send it to your bank.
Pretty simple you spent 5 minutes to basically sell a coin for 9490 after fees.
it generates about 17 lines of info for basically a single sale. (which was reported incorrectly as a single sale by me)
I now need to show all 6 micro sales for that deal. It appears I have about 200 transactions on gdax but they generated around 5 or 6 micro transactions. so I need show say 6 x 200 = 1200 micro transactions.
Note this applies to USA and the IRS
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
this seems like a massive headache.
Note this applies to USA and the IRS
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
Talking about record keeping I was sent a letter from IRS they said when I filed for 2018 I left out an account.
I realized I send all my coinbase info as usual and said to myself WTF are they talking about.
I did some checking and found they are looking for my gdax- now pro-coinbase info for 2018
It won't cost me money as my usage of gdax was not trading as much as cheaper fees to convert coinbase btc to cash
My typical thing was
1)move 0.100 btc from coinbase to gdax
2)sell the 0.1000 btc on gdax
3)move the cash to coinbase
4)withdraw the cash to bank account
or
1) move cash from coinbase to gdax
2) buy btc or ltc at gdax
3) send btc or ltc to coinbase
4) buy gear from bitmain with that btc or ltc
They now want all my gdax/pro-coinbase record from 2018 (all older years have zero trades with gdax/pro.coinbase)
2018 mostly was a down year.
I had losses most of the year. So I know sending the info will mean my capital gain(loss in reality) carryover will go from 1800 usd to say 2500
But the paperwork involved appears to be nuts crazy and or wacko. Truing the info involves matching it to my coinbase data filed with irs.
So while I saved fees I think this will take a week to do.
I thought that gdax info was included with my coinbase tax info It is not and it needs to be sent in a new
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