WHATS YOUR TAKE ON PEOPLE SAYING BUYING EVEY HOUR ON THE HOUR IS AN ACCOUNTING NIGHTMARE FIR TAXES ?
I ASKED THIS QUESTION FOR REASONS LIKE THIS .... THOUGHTS 💭 I'M LOVING THE ENGAGEMENT IN THIS QUESTION ⁉️
OR TAXES ON BITCOIN IN GENERAL...
WHATS YOUR TAKE ON PEOPLE SAYING BUYING EVEY HOUR ON THE HOUR IS AN ACCOUNTING NIGHTMARE FIR TAXES ?
I ASKED THIS QUESTION FOR REASONS LIKE THIS .... THOUGHTS 💭 I'M LOVING THE ENGAGEMENT IN THIS QUESTION ⁉️
OR TAXES ON BITCOIN IN GENERAL...
My take... i buy regularly in the same denomination. I buy from Strike and download the monthly CVS file . Im able to quickly sort the purchases (dollars spent, sats acquired and sats per dollar).
I regularly move sats to cold storage once I get to a reasonable utxo size.
Ive not sold sats since I started this journey, over 5 years ago.
The excel file i keep will help me sort out the taxes when/if I get to that. Hopefully we get meaningful btc tax treatment on spending/selling.
My plan would be to to use the data and calculate the sats spent/sold and if required.... pay taxes (lol).
I figure so long as the exchange offers a download of purchase activity... the buys by the minute hour, day, week or month would not be an issue.
ive been buying hourly for years. i have 0 clue what my average price it and i dont care. if i run out of fiat ill turn it off.. (never happened, fiat is extremely easy to get because its worthless). if anyone has anything to say about taxes they can fuck off