10-08-2021, 10:45 PM
So how are US taxes going to work after someone like me has made 1000 trades this la
<!-- SC_OFF --><div class="md"><p>So I know each trade or exchange is a taxable event. I know there is an 8949 form that we fill out, but I mean: how is every expenditure on a Coinbase card going to have to be listed? How am I going to write in every time I hopped into doge for an hour on a bulll run just to buy high and sell low? I have this foreboding feeling that my reckless trading has made days of work for myself. Last year I kept everything off exchanges and never reported. How fucked am I really, or is the 1099 from my exchange going to simplify this whole thing?</p> <p>Edit: Thanks for all the insight, folks. What I’ve concluded is that I have over complicated this in my mind, and that all I’m reporting is total loss and gains, along with mining payouts. Stay safe!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/boatnofloat"> /u/boatnofloat </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/q3p11h/so_how_are_us_taxes_going_to_work_after_someone/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/q3p11h/so_how_are_us_taxes_going_to_work_after_someone/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>So I know each trade or exchange is a taxable event. I know there is an 8949 form that we fill out, but I mean: how is every expenditure on a Coinbase card going to have to be listed? How am I going to write in every time I hopped into doge for an hour on a bulll run just to buy high and sell low? I have this foreboding feeling that my reckless trading has made days of work for myself. Last year I kept everything off exchanges and never reported. How fucked am I really, or is the 1099 from my exchange going to simplify this whole thing?</p> <p>Edit: Thanks for all the insight, folks. What I’ve concluded is that I have over complicated this in my mind, and that all I’m reporting is total loss and gains, along with mining payouts. Stay safe!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/boatnofloat"> /u/boatnofloat </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/q3p11h/so_how_are_us_taxes_going_to_work_after_someone/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/q3p11h/so_how_are_us_taxes_going_to_work_after_someone/">[comments]</a></span>Kind Regards R