It is pretty sad and somewhat depressing.
This is why I rail against the government getting involved in things. They ruin everything.
If I was a sneaky prick I would not have been picked up.
I am picked up because I efforted to be a compliant taxpayer.
I have a degree in accounting which really annoys me as a lot of the rulings make no sense on an accounting level.
I a going to drive to the beach and have some fund walking the boardwalk with my wife when I come back I will do some more research on how to correctly comply.
Part of what is wrong is simple transfers of coin out of coinbase.
Coinbase does not know where the coin goes so they show it as a cap gain or cap loss.
*snip*
This is my beef; the FED needs to stay out of things that are not of their nature.
If they want to tax the act of trading coin for cash, that is one thing... but the rest is completely obsurd; and I am pretty sure if we fought them with very expensive lawyers, it could be won... but since the FED has always been known to strongarm people out of everything due to their own feelings.... this is getting ugly... fast...
Example: The federal income tax code book says verbatim: "voluntary compliance" wherein they interpret it as "you can voluntarily chose not to pay, and get punished for it"... which the very statement of being based around voluntary compliance; is 100% the opposite. This is how they 'complied' with the 16th amendment and it was deemed it gave them no new powers of taxation, but they are using their interpretation to do 100% the opposite.
Same goes with things like the second amendment: "... shall not be infringed" which is CLEAR text; yet the "regulation" on how you may exercise these "inalienable rights" does exactly that.
Makes me want to change to a different existence some days... so disheartening.