Please read the IRS FAQ’s on crypto tax

ReiMomo

sr. member

Activity: 2366

Merit: 305

Duelbits - $100k Bonus/week

It's very simple, we don’t even know if the answers refer to the same country and same taxation structures. So it really is hard to seek advice from everyone. Much better if you will seek and consult the tax professional so that they will guide you because they know more than us.

I guess that’s the reason why some answered incorrectly as they assumed that all of the structures are the same. But they definitely don’t.

Quote from: hugeblack on April 03, 2021, 01:27:11 PM

And the golden rule: Do not seek tax advice from unknown people on the Internet.

Exactly, because they only based on what rumors they heard. Not on the fact.

Diamond Rolex

newbie

Activity: 24

Merit: 0

And keep in mind the Michael Saylor playbook, you don't owe tax if you take a loan against your crypto instead of selling it.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

And don't forget the other golden rule. Consult a tax professional based on your needs.
To this day I don't understand people who will drop $500 on a bottle of wine with dinner, but not $250 for a 1 hour consultation with a competent tax accountant.
Seriously, it can save you time and money later.

-Dave

hugeblack

legendary

Activity: 2688

Merit: 3983

I have seen many people who ask for tax advice and ask a lot of questions. Unfortunately, some members answer them wrongly, do yourself a favor and read some of IRS FAQ’s crypto tax on this link -----> https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions.

And the golden rule: Do not seek tax advice from unknown people on the Internet.

Topic: Please read the IRS FAQ’s on crypto tax (Read 106 times)