Aug 28, 18 / Lib 16, 02 17:33 UTC
What are ur btc tax plans ¶
Hey, to be honest I have no clue. I know from my experience with stocks that if u r a trader you get nailed if you flip stocks for quick profit. I've paid up to 28% of profits on stock sales. I also noticed the new crypto tax laws include trades between crypto, not just crypto to cash. So if you make money on an alt and then trade it back to btc or etc or any other it is a taxable event. Some people think ah the fed will never find me but they don't have people looking, they have algorithms searching exchanges that operate in the us. I really didn't keep good records with my crypto. I'm thinking of just including money in a check specifying it's for crypto and hope that quiets them. It's not like we will get audited, we will just get a bill in the mail. What do you guys plan on doing cause I'm lost. People say "oh I don't mind paying my taxes" those people are very rich or they have never had to write a 70,000 check to Uncle Sam.