Replying to Avatar Telluride

IRS safe harbor deadline is December 31st, 2024

A Must watch (skip to 4-6min if you want to skip the remedial tax infos)

TLDR:

Probably a good idea to document and timestamp your holdings now in case of an audit down the road.

👉please don’t be stupid with your digital records 👈

AI can easily read your photos.

nostr:note18sfa3retzewncfkd6etwpmq57cljfza9r0wu4e02qn2ex6smpcasjr3639
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gojiberra 1y ago

Am I understanding this correctly that if we don't do the safe harbor stuff in time we may have to:

Consider cost basis as $0 for future BTC sells?

Does this affect anything that we sold in 2024?

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Tara 1y ago

this is well worth the watch but no egfect on 2024.

this is just a way of guaranteeing you have a firm rule on your cost basis down the road.