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?
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
Discussion
I AM HAVING THEM ON DISPATCH ON MONDAY TO GO THROUGH IT IN DEPTH.
LIVE AT 1900 UTC.
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
I have never sold any bitcoin. Zaps? Sure. Gains there? No. 😂