Taxes and bitcoin

[rocco-x]

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.

 

[MindlessWork]

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.

 

[Chooch]

Same thing with PayPal now. Getting ridiculous how they have to get their fingers into everything. ��

 

[HDH]

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.

Coinbase is super easy. Go into your settings and look for taxes. It will give you a page to print up for your return.

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.

 

[rocco-x]

Coinbase is super easy. Go into your settings and look for taxes. It will give you a page to print up for your return.

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.

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.

 

[rocco-x]

Same thing with PayPal now. Getting ridiculous how they have to get their fingers into everything. ��

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.

 

[HDH]

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.

Sorry about the late reply.

The paper you print up off the Coinbase site is what you give to your accountant.