Subnostr

I finally looked at this safe harbor IRS thing.

I'll bet that it's impossible to enforce because what they're asking for is impossible to report, so it's a tactic to harrass a bunch of Bitcoin holders.

I've always done my taxes under the assumption that Bitcoin is fungible, so all BTCUSD transactions from any exchange I used that year just get batched together into a single report, with sells matched with buys from any source because I could buy on one platform and sell on another years later. I'm just going to do the same thing for 2024.

As far as I've always been concerned, the IRS has no business beyond the point of exchange with USD. I don't even think they have any business knowing which exchanges I used.

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Discussion

Gerardo 1y ago

What amazes me is this thing really only came into light what feels like a week ago nor is talked about on the main stream media, why tax payers couldn’t have months to prepare is beyond me.

Jay 1y ago

I'd literally never heard of it until this month, and it's just surveillance. It barely feels real or legitimate. I've already been accurate calculating my taxes and paying them their tithes for years lmao.

Gerardo 1y ago

From i can even gather it doesn’t even need to be uploaded, its only in the rare event someone got audited in the first place, sounds more like prep work for that event if anything

Emperor Kuzco 1y ago

The Federal Reserve created the IRS as thugs to retrieve their tax money.

No shit, they are nothing more than the mafia with hired thugs.

This is the system that Bitcoin was designed to fix. Bitcoin gives the power back to the people for bottom up influence rather than top down control.

NOTE: I am in no way a tax consultant.

Marc Kat 1y ago

What's.the TL;DR of the safe harbor thing-a-ma-jig?

Jay 1y ago

You "have to" report gains from each exchange and wallet you use separately.

https://bitcoin.tax/blog/safe-harbor-tool-irs-2024-28/

Mr. Sat Stacker 1y ago

Seems like splitting hairs. I jumped through hoops but it they want you they will probably get you.