Thanks!
#Breaking: Wow #Trudeau is stepping down. Hope for #Canada? Or is it just part of the charade fir them to get someone even more extreme in there?
Oops sorry. My question wasn’t clear. What I meant was, when you do occasional small scale crypto to crypto stuff (say 1-10 bucks) that can’t be classified as gift, do you keep a record of those and declare them? If so, what do you use to keep track? Or do you just ignore these?
Good idea. So do you declare peanut amounts?
Thanks for the link btw, tried flashing you 👍
They clamped down pretty good on those glorious places…
Ahoy fellow X refugee 👋
This really depends. Are you dipping into your stack to pay these transactions?
My best advice came from Saylor a year or so ago:
Say I want to tip a waiter/waitress in #Bitcoin, I have my lightning or liquid wallet preloaded with sats, I go on an exchange and buy $20 worth, and then however many sats that gets me, I send it to him/her. This doesn't create a taxable event because I bought and gave it away same day for exact same value.
I do the same thing with purchases. I pre-ordered nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak gold standard book. Bought the $30 of Bitcoin and then sent the lightning payment to him. No taxable event.
The only time you need to keep track is with your cold storage purchases that you sell. For that I usually keep a spreadsheet. Or have to look at the exchanges where I buy and calculate that way.
I see. Yes I keep these things separate. I don’t touch anything in cold storage. It’s like wine in the cellar.
Technically a same day non gift transaction (tip can be classed as gift) is still a reportable event here but I begin to feel the consensus is don’t bother about tiny amounts even if they are non gift transactions. I guess it’s a YMMV thing. Thanks.
Technically it’s every trade, no matter how small. In the US anyway. Small gifts are fine but if you swap or buy stuff yeah that’s classified as a #taxable event here. The problem is with all that #KYC shit any kind of crypto movement is recorded. Now will they go after the smallest stuff? Prob not. On the other hand, it could be a great excuse to have you audited.
This is getting better by the day. #elon continues pissing off his customers on #X and he’s making it worse with every post. It’s a psychopath’s fallacy: They tend to underestimate everyone. If I was a major investor I’d start making some phone calls. Elon is jeopardizing the entire #Zionist’s agenda of furthering the great #replacement in the West because of his hurt ego and instability. He’s a lose cannon.
#europa Part 1 is pretty good. Trying to watch Part 2 tonight. The powers that be are coming down hard on it with their #censorship. It’s worth noting that this is a 10 part series and they all appear to be still available.
Megyn Kelly Crucifies Vatican Drama ‘Conclave’: ‘Most Disgusting Anti-Catholic Film I Have Seen in a Long Time’
From Infowars
“What a thing to release to streaming just in time for Christmas. They would never do this to Muslims, but Christians/Catholics are always fair game to mock/belittle/smear,” Kelly says.
Jan 5th 2025 12:12pm EST
Share, promote & comment with Nostr: https://dissentwatch.com/boost/?boost_post_id=902532
Yes, but the book is from 2016. Tbh, it was a good read as far as novels are concerned.
Megyn does not seem to be aware that the pope is a mere #communist puppet.
And who had came up with and then vigorously “established” #communism again...? Yeah. 😉
Interesting. Thanks. Over here gifts of up to 15k per person per year are allowed so flashing back and forth is no problem. But as soon as it gets commercial (say buy a coke for BTC) you have to declare your capitial gain (or loss) 🤦🏻 In fact, even exchanging one crypto for another is already a taxable event.
Here’s a question for the more advanced #BTC enthusiasts out there:
I’ve been hodling various cryptos in a self-custodial manner for years, so I’m not completely new to the world of #crypto.
Initially, when I knew even less than I do now, I tried day trading to get a feel for things, thinking it would lead somewhere. While I didn’t make a loss, it didn’t take long to realize all I was doing was generating a crazy number of meaningless taxable events with little to show for it. That’s when I switched to a HODL strategy.
In the meantime, an increasing number of vendors and service providers have started accepting BTC and other cryptos. Even #NOSTR seems to be promoting the use of BTC in everyday life via the Lightning Network.
That’s all great and definitely the way forward, but how do you guys—especially in the US, where crypto is considered property rather than currency—deal with the attached tax admin nightmare? Creating a taxable event every time I buy a pizza seems to create more hassle than it’s worth.
Does anyone have any tips or tricks for integrating small BTC payments into everyday life without creating an administrative #tax nightmare? How do you keep track of transactions? I’m not asking for loopholes or anything illegal; I just want to know how others manage it and whether I’m overcomplicating things.