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01-27-2023, 03:05 PM | #1 |
Vet
Join Date: Feb 2009
Posts: 807
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Taxes and bitcoin
Just got an email yesterday reminding me it's tax time. It said I made $600 over the course of 2022 and need to pay taxes on it. Has anyone else experienced this and if so how do I go about it? Since me wife and I file separately but use the same tax service accountant do I just show them my coinbase amount? Thus must be new because since I've had coinbase or used crypto in the last maybe 4-5yrs thus is the fist time hearing this. Any help would be appreciated...tia.
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01-27-2023, 03:45 PM | #2 |
Moderator
Join Date: Aug 2011
Location: In the Gym
Posts: 1,129
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Did your exchange send you a 1099 or provide you a link to where you can obtain it? Also you should keep record of all bitcoin bought or sold during the year and if aggregate inflow/outflow is $600 or more a 1099 will be generated.
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Never give in never give up never go down without a fight |
01-28-2023, 04:49 PM | #3 |
VET
Join Date: Oct 2009
Posts: 299
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Same thing with PayPal now. Getting ridiculous how they have to get their fingers into everything.
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01-28-2023, 05:03 PM | #4 | |
Moderator
Join Date: Jun 2015
Posts: 1,502
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Quote:
I hadn't done mine yet this year but I did it last year. I don't remember the specifics but I remember thinking it was way easier than I expected. |
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01-28-2023, 07:39 PM | #5 |
Vet
Join Date: Feb 2009
Posts: 807
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Thanks for the info. I never recieved a 1099 so I'll have to email it to our accountant. They don't ask about transactions and all that do they, like delve into the specifics and all? I gotta learn how to use a crypto wallet or something more nondirect lol.
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01-28-2023, 07:48 PM | #6 |
Vet
Join Date: Feb 2009
Posts: 807
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It is getting out of hand, you're right. They want a piece of everything today. I've lost more than I made that's for sure. I take out $25 weekly from my checking and savings account. 1 for bitcoin and one for ethereum as that seems to drop less than bitcoin does. This way when I do need to make a purchase it's already there without having to take it out in one lump sum which stings when you don't have it right there. Still can't see how I "made" $600 with either. This year everything seemed to take a nosedive, bitcoin especially. I should've listened to a friend I work with. He made a little over $60,000 plus got back his initial investment of $20k last year with dogecoin of all things.
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02-04-2023, 09:26 PM | #7 | |
Moderator
Join Date: Jun 2015
Posts: 1,502
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Quote:
The paper you print up off the Coinbase site is what you give to your accountant. |
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