I get it if you’re all in but why replace and spend? You’re just adding unnecessary tax management
Discussion
By adding more lines to the 1099? Wym?
Yeah it’s a pain in the ass and there is a capital gains tax. As long as that tax exists, bitcoin can’t truly be money. People will avoid spending it. This is why people are excited about bitcoin loans lol
I've used strike for kyc accounts and it's all automated?
Are you asking me? Because last time I checked it is not.
You just upload a 1099 once a year buys sells cost basis and gain loss is tracked from what i saw you just download and attach to return? How are you doing it
It gives you that buy and sell form but doesn’t make a tax document for you. I guess if you have an accountant it doesn’t matter because they’ll do it for you.
You would declare it if you bought a coffee over lightning? Or a COLDCARD?
It’s my civic duty. The price we pay for civilized society. Without taxes who will build the roads?
“Civic duty”
But for real for real, most people will not spend Bitcoin on small purchases until capital gains tax ends. I know a lot of hardcore Bitcoiners will spend it no matter what but I think those guys are mostly all in so they sort of have to. But if an average Bitcoiner wants to buy coffee for $6 and they have some fiat. Why would they pay $6 plus 15% capital gains tax and go through the headache of filing? I believe that’s how most bitcoiners look at it. And most of them buy KYC bitcoin so it’s easy to track it.
Imo capital gains tax is why people don’t use gold as money either. It’s not viewed as money because of its status as an investment asset.
I agree that capital gains is a hindrance. Doesn’t the IRS have better things to do then coming after someone who spent 5000 sats on a coffee or even 200K sats on a COLDCARD? Also if it’s done through lightning or NOKYC it’s much harder to track
Special place in hell for them
Yep. With all the “I was just following orders crowd”
Just doing my job
Chain of command
If you just comply then nothing bad will happen
Only way to change the system is from inside. Compliance is defiance 🤣🤣🤣
Vote harder or you have no right to complain. Don’t like it? Run for office and fix it yourself
Only way to be free is to run for office 🤝
