Re: [2024-09-15] Bitcoin Investor Faces Prison Time for Underreporting Crypto Gains
I think people look at the taxes and they reckon that share for the government is way too much, so they take their chances and they under report their gains. I actually over report and then I get audited and the government will owe me money, so they leave me alone. 
I would have been able to buy several cheap cars, with the money I had to pay on the capital gains taxes that I had to pay over the last couple of years, but I pay that with a smile, because I do not have to look over my shoulder to see when the tax man will knock on my door.
Pay your taxes and sleep like a baby every night!
I would have been able to buy several cheap cars, with the money I had to pay on the capital gains taxes that I had to pay over the last couple of years, but I pay that with a smile, because I do not have to look over my shoulder to see when the tax man will knock on my door.
Pay your taxes and sleep like a baby every night!
Exactly. I ask the accountant to do everything by the book and if there is any even remote question, just don't do it. The amount of money (possibly) saved isn't worth the cost (time and money) of an audit even if the deduction etc is perfectly legal, if it saves $200 and is an audit flag their time is going to be much more than that. It is a sad state of affairs to have to be that way, but it is the safe way.