If you pay taxes by converting crypto into cash then its super unfair because the value of the crypto might crash to almost nothing a day later. So now I am out a huge chunk of cash and my crypto also dropped to nothing.
If you pay taxes by converting crypto into cash then its super unfair because the value of the crypto might crash to almost nothing a day later. So now I am out a huge chunk of cash and my crypto also dropped to nothing.
Yes that is exactly the case, but based on what I have read online mining rewards and crypto income are taxable (per irs guidance). Any additional losses and or gains are then declared at the time your crypto is converted to usd. I'll be meeting with the accountant next week to discuss.
so what happens if we over pay the IRS? Suppose we find out layer we paid more than we had to? If the radical interpretation is followed then cryptocurrency is effectively suppressed by tax complexity. No one will be able to say for sure that they didn't miss some transaction or that their calculations are correct.
I'm in total agreement.
Please let us know what your accountant says if possible.
Will do