Either way it's just another generated 1099 for you to forward to your bookkeeper / CPA.
If that's the route you choose to take.
It's two clicks 😂.
Discussion
No it isn't. I have used FIFO so I have to go do all the math and calculate the price at purchase and spend and get the difference and then report that transaction. For ever transaction. For a fucking coffee. It's not two clicks.
Either way, what is the ultimate point of the entire exercise if I'm still having a company see every transaction and reporting it to the government? I don't get more privacy. It's just more work.
Bro on strike, the only LN custodial service I agree to use, it's literally two clicks to generate a 1099 annual tax form.
What you're saying does not apply to my tax situation. I didn't buy all of my sats from Strike, so they can't calculate the FIFO math for me. All they see are buys and sells I do on their platform. I can't switch to non FIFO now that I've elected to calculate my taxes that way in the past.
EITHER WAY, what is the benefit of converting fiat to sats on Strike (for a fee) and then spending those so that Strike can see all of my transaction AND report the transactions to the IRS? That's fucking worse than just using my bank. It adds an entire party into the mix AT A FEE AND ADDITIONAL REPORTING.
That's hardly better than the system we already have, which is why I'm making the point that most of this is for nothing if noncustodial doesn't get easier to adopt.
I fully understand that I can use Strike. I just don't see how it's all that much better than spending fiat and saving in Bitcoin like I have been. It's just more work.
I considered you understood that you would need to purchase sats from strike for this to make sense as go to spend wallet if you don't mind the custodial nature.
This is way better than the traditional system in place as you have the opportunity to send your sats anywhere you want.
If you don't need to spend in Bitcoins then don't.
Just save em and use on chain.
Can you not afford 1sat/vb TX fees?