Getting eaten alive.

in moonproblems •  8 months ago

Wow, doing research for weeks and weeks - Moon Problems as it turns out is a HUGE undertaking. I am not so sure I am ready, a.k.a. tough enough.

Here's some thoughts.

The first thing is that this is serious. This is people's money you are talking about. This shit is real. There is an enormous amount of responsibility when you are talking about people's money. Their very survival in fact. It is simple enough to say "this is not investment advice, do your own research, etc." - I've certainly said that, and more many times myself, but crypto is NOT for the faint of heart - or - THE UNINFORMED. Please, I beg you, you MUST go slow and learn for yourself. If you get nothing else from anything I ever say, remember this please, GO SLOW. YOU HAVE MUCH TO LEARN. As do I. And because I have much to learn, the question for me right off the bat is: am I worthy to even talk about my coined term, Moon Problems? Gosh, I fucking hope so because I am committed to putting some meat on the bones of my coined phrase, but first, more things...

Thing two: Why is the title of this post "Getting eaten alive."? Well, actually, I have found myself many months into trading like a fiend, doing all sorts of things related to coins mooning and such and feeling like I had SOOOOOO much to share with people about how bad-ass I freaking was until suddenly I realized, my accountant never really gave me any real information about the tax implications of trading crypto - he simply didn't have any idea. I guess it would have been helpful if he pressed the point a bit (or maybe freaking kicked my fucking ass actually so I would do some more research or whatever) but holy-fucking-fuck, I figured it out eventually. Here in the USA, every freaking crypto-to-crypto transaction is a freaking taxable event ("like kind exchanges" do not apply). So, yeah, I've been getting eaten alive as I deal with this. So you know, I SOOOOOOO hate being the bearer of bad news (in case you have not heard this yet), but yeah - this is not a joke. Not only that, FIFO rules apply (first in first out). Do not mess with the IRS. I am gonna go take a nap now and I will pick this up on the next post. In the meantime, if you are interested in getting started right now, I would suggest you stop trading - right now(!) and get your google-on regarding what exactly this means. I am working with the website, www.Bitcoin.tax, and things are coming along - there are a few sites to help you deal with this, this is my pick for now. This seriously sucks though, crypto is property - ask your accountant about that, done - another lesson and another lump. Hopefully I can save someone the lump someday - pass this on, please.

Moon Problems? Yeah, we'll get to that too. Holy fuck.

#payitforward

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Yes, in my opinion also everyone should learn the structure and tax will never is an invisible thing in the financial market, it will be there in any form. Thanks for sharing your experience with us.

Have a great day and stay blessed.