New IRS rules regarding crypto go into effect in less than a week.
The IRS Safe Harbor is your final opportunity to strategically allocate unused cost basis before the new rules take effect in 2025.
Discussion
This is confusing and potentially very important. Would love if the heavy hitters in our space could help the plebs. nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs nostr:npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l Doesn’t even seem to matter if we never sell lol
nostr:npub1s33sw6y2p8kpz2t8avz5feu2n6yvfr6swykrnm2frletd7spnt5qew252p thanks as always for the most helpful content!
Another video on the topic, including a sample spreadsheet: https://youtu.be/M1XPOFgjNPk
Lost me at "as you start to sell in 2025..."
Feels like an IRS trap. “Tell us all of your wallet addresses for . . . Taxes. Yeah. For taxes. “ ( evil laugh).
So, all I got from this is: never sell your Bitcoin.
Those who do not sell..... Not affected.
Don’t worry, there is no possible way any of the personally identifying information you provide a third party could ever be compromised.
Monero. This is a mass joo theft. Our assets are our privacy. If you have paperwork for them to attack you in the future you are setting yourself up.
Fuck this. Its so confusing and not clear. 99% of people aren't going to do this correctly
That's the whole point of the confusing tax code, to make everyone a criminal.
For anyone confused by this or unsure what to do I found this video to be very helpful.