Re: Opinion The IRS Is Making Crypto Compliance Impossible
The thing is that the Bitcoin was not intended for that, to be calculating the equivalence with the fucking fiat every time you spend something
and then calculate the difference with the acquisition price to calculate the potential tax.
welcome to the USA where they don't want you to be in involving in anything. they want to treat cryptocurrencies like they do trading in the stock market which is a centralized exchange and then calculate the difference with the acquisition price to calculate the potential tax.
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Another thing is how things have developed. But in El Salvador they don't have that problem, for example.
El Salvador doesn't have an IRS? a money hungry orginazation trying to take back as much money from people as they can while at the same time limiting their freedoms? Quote
There are programs that automatically track all transactions, such as CoinLedger or Cointracking, so technically there is no problem.
i don't know. they'll need to probably update their softwares so they can handle more than 1 form 1099-DA. that article gave a crazy example where someone had like 36 different form 1099s. but it's hard to imagine this new thing passing because if it does, it pretty much means buy and hold is the only way to avoid becoming a tax evader.