Posted by: kathkokta February 11, 2020
Login in to Rate this Post:
0 
? 
?
if you received letter 6174/ 6174A, you better cover your ass and report all of your profit and loss from virtual money.
IRS knows your crypto transactions.its just a matter of transaction amount and their limited resource they can go after.
Besides, its very hard to decide if its your schedule C or capital gain/loss transaction- meaning if its your property or security. Plus its very hard for normal people to keep track of base amount of each chain you purchase.
that's why you hire Accountant. get it. lol .
IRS knows your crypto transactions.its just a matter of transaction amount and their limited resource they can go after.
Besides, its very hard to decide if its your schedule C or capital gain/loss transaction- meaning if its your property or security. Plus its very hard for normal people to keep track of base amount of each chain you purchase.
that's why you hire Accountant. get it. lol .