Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Don't let them scare you into reporting you "holdings"!
Tell them NOTHING!
Tell them NOTHING!
The IRS has known about me since 2013. Banker reported me to SEC for an over 10k sale to get KNC Jupiter Miner from Sweden...
...went to phone meeting with a banker and SEC (voice phone SEC end) and banker's 'proof' was BTC was 'evil' and no way I had
done taxes (spring 2014 with new IRS crypto rules) slap'd down my CPA done Tax Forms paid and SEC guy in a 'resigned' voice is
why am I here? ...so you can account for the BTC now or when they come later..I myself when the IRS or Whomever comes by saying
I am not legit due to my (1) trophy girlfriend (2) boat on the lawn (3) flashy car etc, will show them my 'legit' crypto earnings and tell
whoever they are to go 'pound sand' ..eventually KYC will be for all exchanges...so it will only get worse IMHO. (hope it is not as
bad as all that ...but soured me on what to expect as a newbie till now from 2013.
thats why i have signed some old mining addys with "i am so and so and i mined to this addy between approximately this and this date with this hardware at this pool", saved pool payout logs and screenshots, kept gpu receipts, pics of mining setups etc.
i always figured i would have to account for those early btc.
it was fine....first went to CPA she said did you spend any BTC you mined..me nope...end of problem...then 2 weeks before the tax deadline of April in 2014....the IRS came out with the
2014 guidelines....went to bank SEC above....thought I was (and happy about it) going to have to pay like $3k to IRS...went to amend taxes with CPA ..she read the IRS 2014
guidelines and laughed and said "you are a farmer' ..thought she had lost her frigging mind...but indeed wrote off all the equipment etc..came out better in HODL'ing BTC back
then as a result and such...
Anyway, the 'die' was cast...I'm as honest as the frigging snow...i even put my eBay sales and sig campaign money down as income....each year... I may have made mistakes
but the whole you deliberately messed with your taxes IRS line is not gonna fly if ever it comes to pass in my future...
probably a blessing in disguise actually ...I now have a 7-year track record as a crypto 'small home business' etc. No regrets.
later
brad