“You can’t save without permission if you can’t spend without permission.” — nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx
The new IRS per-wallet cost basis is permissioned spending enforced by fear. Weaponized accounting.
Who is working on fixing this? #Bitcoin
The fix is for no one to comply with regulations of open source software that we are running ourselves
💯
This is new to me, any info you could share on this plz?
As of yesterday, the IRS no longer allows cross-wallet/cross-account cost basis accounting. Each wallet or custodial account has its own cost basis for capital gains tax calculations.
This is an attack of Bitcoin fungibility for white-market usage. It was burdensome enough to track cost basis for accounting before, but now, to be compliant, you ALSO have to track every self-transaction (withdrawing from exchange, wallet-to-wallet, etc.)
https://bitcoin.tax/blog/irs-rev-proc-2024-28-preparing-2025-crypto-reporting-requirements/
Thank you for this!
Ignoring it.
