how they can track back something like monero? not to mention any others random coin that can emerge every day, it's impossible to follow that shit, plus the coin that you see in the altsection are not all the possible existing coins
They can't track Monero, Dash, or even Bitcoin (if you wash the coins). But you must report every capital gain and loss with the current laws, and I don't want to be charged with money laundering/tax evasion.
Although I do want to pay the minimum amount of taxes possible, I was hoping I could use my Bitcoin earnings to purchase investment properties and avoid the capital gain taxation (1031 loophole) but this isn't currently possible. Even though both are considered property unfortunately they aren't 'like-kind'
https://en.wikipedia.org/wiki/Internal_Revenue_Code_section_1031
But i'll ask this again: How do you report gains if you keep track of it? who in their sane mind has keep track of eeevery single transaction ever? specially as a daytrader, and specially when tons of them happened in defunct exchanges where the databases are lost forever... how then?