Tax nerds (US) - how do you feel about attaching a statement to my return that basically says "my basis is so low it's not worth my time to figure it out so I'm using $0"?

Is that something that could come back and bite me later? We're talking off-exchange <$200 btc here so when I say it's not worth it I really mean it.

like
Posting as :
works at
You are currently posting as works at

You’re overpaying taxes so I doubt you’ll run into trouble

like

Not a tax guy but I can’t imagine IRS auditing you to a result where they owe you a refund.

Also wouldn’t think you would need to attach any statement. It’s inherent in the $0 cost basis

like

Yes, they could. Please see my reply.

Are you saying gains of $200 or you only invested $200? How much gain have you recognized?

SA1 correct. Specific ID research to save $40 on a trade that earned me $59k just seems stupid

One thought is that if you have 0 cost basis, technically that could mean you mined that BTC? And in that case it would be considered income/short term capital gain vs a long term capital gain.

So I would suggest to try to determine some cost basis so you don’t fall into this scenario.

What’s your rate CSM 1?

I created a tax crypto software 2 years ago. There are a handful of them out there. Why don’t you just use them to find your cost basis?

Unless you did something crazy like an off exchange transaction they should solve your issue

The post says they're off exchange transactions. We're talking mixed lots in multiple wallets, transfers into mt Gox when we all thought that was the hot new thing...I simply don't have the records to use those programs

Related question, new to crypto, will Coinbase give me a 1099 at the end of the year? I’ve been trading for the last couple months and am up about $850.

Related Posts

Any tax prep/review recommendations for MD?

like

My husband and I make $180k gross per year combined. What should be the order of our investment strategy (401k, traditional/Roth IRA, brokerage), keeping in mind that 1) my employer doesn’t do any 401k matching (startup) and 2) my husband’s employer has a mandatory 13% retirement contribution rate (he works for the state - we opted for a 457b)? I always assumed I should max out my 401k above all else, but from reading the other posts, that doesn’t seem to be the case. Thanks in advance!

like

I need an accountant who understands early exercise pros/cons and can walk me through it as it relates to my financial situation. Any recs? Fine with them not being local to my location

like

Does anyone else put everything even rent on their credit card to help with cash flow? Most of my clients are net 30 so I may not get paid for 30-40 days after I bill them. Personally it creates cash flow issues when rent is due on the 1st. I ended up just getting a no limit credit card and put everything on that. Having 30-60 days to pay that helps a lot.

like

Just ordered dinner and paid over the phone. My total was $22.16 and the cashier goes “would you like to add gratuity to the check?” And I said “sure, just round up to $30” and he goes “oh, $30 tip? Thank you so much. We appreciate that”

I never corrected him but oh well

funnylike

Anyone else out here still paying down student loans and capitalizing on that 0% interest rate?

like

Jesus the housing market is impossible

like

Is it worth contributing to 401k if firm contributes without need to match? If not, where else should I put my money?

like

Plan of attack?. Friend wants to work with me. Has 2-529 direct sold Vanguard plan no reason to blow up. $400k+ in 401k, but active employee, salary is $300k+, only thought, after tax invest acct?

likehelpful

TriCare reserve select vs Cigna oap: My new employer pays 100% for us so thinking of dropping TRS. There is a 12 month lock out, but I’m guessing that if I change employment I can get TRS again since that should be a QLE. Anybody else have experience with this?

like

Base: 5 lakh
HRA: 2 lakh
Max how much I can exempt with HRA while filing ITR?
I live in my own house. I can pay to my parents in the name of rent.
What are the documents I need to produce?

DINK couple early 30s….budget 90k a year. Fairly LCOL that’s moving to MCOL bc of economic boom. HHI 350-400k. Is this too high of spend?

like

Any good recs for someone to file taxes?

Looking for perspective: Have you ever turned down more money? What was the reasoning behind your decision?

like

Thoughts on shorting Nike? Big China presence and trading at 31 PE - seems high

like

Hi. Does anyone remember the provider of our 401k and wealthbuilder? Trying to rollover accounts but benefits express is closed!

Hi Sharks, can somebody tell me what will be my in hand and IT? Also if you can tell how to save some tax on this. Thanks in advance .🫀

Post Photo
like

What has worked best for you in curbing spending? I have a lot of money trauma from growing up but have learned a lot over the past year. I now feel “literate” and know what my money should be doing, but tracking / controlling spending is so hard for me.

like

Anyone have a futures trading platform they'd recommend?
I don't think Wealthsimple or Questrade allow futures yet.

like

Any advice on how to invest about 15k of extra cash instead of having it sit in a bank account?

like

More Posts

Lol. Would love a BS reaction on LinkedIn

Post Photo
likefunnyuplifting

I am in job searching mode, given what LinkedIn has become is still a good platform to post for looking new roles? I see people with the green open to work for months and months…..

like

Remember that the Buzzfeed News division is totally separate from the Buzzfeed Quiz Factory. They’re a news organization with reporters who don’t really touch the silly stuff.

likefunny

What are your thoughts on expanding the Capitol Building and the associated chambers? Looks like things are getting crammed in there.

like

Am running ~8-10 miles per week. Getting bad shin splints and foot pain. I have flat feet. Does anyone have any recs for good running shoes? Been using Nike for years but they lack support

How do you deal with temptations and overcoming them? I am a total foodie and have a hard time saying no. I don't snack, just heat big meals, so it's been challenging to control my calories.

like

Is there any possibility of reducing notice period or buy out option in Deloitte India(not usi)? It's 3 months as of now.

like

Coronavirus Positivity Stats...(contd)

like

Hey folks, just booked my flight to Yellowstone may 6-10.
While I'm happy to hear your 4-day itinerary suggestions, I was wondering if there is an ideal place to stay to do pretty much everything or should I consider staying in different places each day. TIA!
PS: I will have a rental car

like

Today Pfizer announced that trials show that their vaccine is 100% effective for teens ages 12-15. Do you think most of our students will get it for next year?

likehelpful

Will IBM let me join with resignation acceptance letter from current company. As experience and reliving letter will take 45 days . Please advise

Planning to switch to IT field by pursuing a training in either Salesforce Or software testing, which will be a suitable career, please provide your valuable suggestions

like
like

Hello! I’m tasha. Im A black Massachusetts Attorney

like

What does professionalism mean to you?

helpful

Hi Does anyone here have information about Capital Group’s CAP program? I would love to chat about your experience and learn more about the program. Thanks! Capital Group

like

A doggo pic to unlock DMs. Thank you! 😎

Post Photo
like
like

Additional Posts in Everything crypto

Using MetaMask and side chains make me feel like the hacker in movies.

funnylike

Would it be advisable to buy now?

Binance isn’t accepting new users at the moment... What’s your favorite exchange?

Is doge coin worth investing in?

funnylike

Where is everyone buying their alts?

Is it a good idea to buy ALGO now? Price is around $1.60 rn. Any insights?

likefunny

What are you farming?

like

POE 🔥 shoutout to the guy posting about it a few weeks back got in at .06 and it’s rocketing now 😊

like

Could someone explain to me what an impermanent loss in BSC is? I keep losing value when I swap on pancake swap so would like to understand if my money is just gone. Googling didn't help much as I am a newbie 🙂

like

Anyone buying ZCL , ETC now? Or waiting to get in just before the snapshot!

like

buy XRB vs WABI and why?

Those who invested in TIME and kept shilling/recommending here - did you do an ounce of research on it? Be honest.

likefunny

Any thoughts on ACT? Jumped up a lot here over the past week +

I have been tracking the member count of our group for the past 2 months to get a sense of how much FOMO there is. In the last 1 month alone we have added at least 300 members. The FOMO is real!

like

Digibyte founder is West Point Grad👏!

like