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Bitcoin tax filing is becoming an even greater headache for the U.S. taxpayers in 2025, especially for the users of centralized exchanges:

1. The "universal method" for calculating crypto gains and losses is being eliminated.

2. Reporting will now be done on a wallet-by-wallet or account-by-account basis.

3. Centralized exchanges will issue 1099-DA forms, similar to the 1099-B for traditional securities. These forms will most likely be incorrect.

The safe harbor forces taxpayers to complete their 2024 Form 8949 gains and losses BEFORE the end of the year and BEFORE completing the safe harbor allocations.

More on this here: https://www.cryptobullseye.zone/blog/anchor-your-crypto-ship-in-the-irs-safe-harbor

https://www.youtube.com/watch?v=M1XPOFgjNPk

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Discussion

Ape Mithrandir 1y ago

#DontRiskItBisqIt

Ape Mithrandir 1y ago

They don't want you to transact or even. Custody your KYC coins.

Take the hint and get KYC-freedom Coins instead!

#DontRiskItBisqIt

nostr:nevent1qqsprraayd8llneqhnfg9ac83wfxhuf5wxydzgys7mflu4s0dtkyuzgpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyzpl6p77ndmrxdxvn4r0y7zuy4vwdsh2hlnap3hvy9rx0jawc5x5wqcyqqqqqqgc80wh6

EZ 1y ago

nostr:npub1drlw0wmu9tq37usx4qt3u6u4zj44mrf3zsfa6xhcdyrh3n4wpmgqr4rfg0 could you guys please confirm and outline a quick TL;DR on how this affects individual US taxpayers and what appropriate actions should be before next year begins?

ODELL 1y ago

I AM HAVING THEM ON DISPATCH ON MONDAY TO GO THROUGH IT IN DEPTH.

LIVE AT 1900 UTC.

https://citadeldispatch.com

Yooper Hodl 1y ago

I wrote this up with nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft highlighter the other day. There are some links and resources at the end and in the comments. opentimestamps.org seemed like a good idea for time stamping the safe harbor files. Looking forward to the pod on Monday. Cheers

https://primal.net/e/naddr1qqs5j5jn94fkzen994yxzunzdaez66tn942hqmmw942hxtfkvemkv6mzqgs2zla5ak8yjw2h4pf83zkhsv9ghr8ahlf2tk0fkn2jyl68c5lhaygrqsqqqa2865rmud

deeznuts 1y ago

I have never sold any bitcoin. Zaps? Sure. Gains there? No. 😂

Yooper Hodl 1y ago

naddr1qqs5j5jn94fkzen994yxzunzdaez66tn942hqmmw942hxtfkvemkv6mzqgs2zla5ak8yjw2h4pf83zkhsv9ghr8ahlf2tk0fkn2jyl68c5lhaygrqsqqqa2865rmud

freeborn | ἐλεύθερος | 8r0gwg 1y ago

...how stupid is this?

**WHAT DO WE ACTUALLY HAVE TO DO BEFORE WEDNESDAY?**

nostr:nevent1qqsprraayd8llneqhnfg9ac83wfxhuf5wxydzgys7mflu4s0dtkyuzgpz3mhxw309ucnydewxqhrqt338g6rsd3e9upzpqlaql0fka3nxnxf63hj0pwz2k8xct4tle7scmkzz3n8ewhv2r28qvzqqqqqqyys60d3

freeborn | ἐλεύθερος | 8r0gwg 1y ago

...madness.

nostr:nevent1qqsprraayd8llneqhnfg9ac83wfxhuf5wxydzgys7mflu4s0dtkyuzgpremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59upzpqlaql0fka3nxnxf63hj0pwz2k8xct4tle7scmkzz3n8ewhv2r28qvzqqqqqqy8779ep

Ronin 1y ago

you guys pay crypto taxes? lolz

ChipButty 1y ago

Does this apply if you only bought bitcoin and no other coins? I only bought bitcoin & have held it in a wallet.

Rojo 1y ago

https://youtu.be/M1XPOFgjNPk?

Great video on how to navigate it. Not as scary as it seems. But everyone with KYC coins should do the work before 2025 to make life easier in the future.