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RE: Random Thoughts with Cryptokidd

in #bitcoin6 years ago

I actually switched my tax preparer this year because I found an accounting firm that had one specialist in crypto. They're still learning too but I appreciate that they can see where the future is headed.

I found that the cointracking/cointracker system worked pretty well. You can sync up your accounts and it figures out your gains/losses. For a fee, it also prepares the IRS form you need to submit. The Bittrex account was the toughest to sync up but I think it worked. I'll be honest, my capital gains number was shocking and at first I thought it was wrong. Then I started looking manually and I realized it was right.

As a noob, I bought and sold way too much just trying to learn. In 2018, I've already reduced it to almost nothing. Of course, this bear market really has been the cause of that. But, it's smarter to hold for at least a year. Short term capital gains (less than a year) are taxed higher than long term (more than a year).

I hope people do their best and report their crypto gains and losses. It's only a good thing if this community stays compliant with the law. It seems authorities and politicians will take any chance to demonstrate how "corrupt" cryptocurrency is.

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