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RE: My First Crypto for Bullion Trade
I'm assuming they'll start leaning on exchanges and places like steemit to track this to make it more manageable for them. Until then I don't possibly see how they can go after anyone, but it's the government and needs no reason to throw me in jail so i'll do my best as a citizen and pay what i think they want.
Yeah I'm gonna do it to the best of my ability--reporting the gains and what not. But even a lot CPA's and attorneys don't even understand this stuff yet much less the average taxpayer. So you can't even go down to your local H&R block or whoever and ask them to do your taxes if you have crypto trades and purchases. Scary.
Yeah worst comes to worst I have how much my crypto is worth at the beginning of the year so whatever it's worth at the end of the year I'll report as gains and pay whatever is required.
The IRS doesn't even know how they're going to tax it. They want you to keep records of all your transactions. I do the majority of my trading on exchanges that did NOT ask for a picture of my driver's license, passport, phone number, social security card, etc. It's still the wild west out here ;-)