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I'll watch, but I've been of the opinion the win is already built into the price. The cultish following predicting a price explosion reminds me of ADA's situation before the release of smart contracts. Price-wise, the win may be a non-event. Ok, I watch.
In stocks my #1 rule is never invest in a company that misses SEC reporting deadlines. In this case the SEC is using the whole weight of the US govt. to crush these guys. Way too binary for me and probably why it isn't a big topic here.
I have a good chunk. I think it will go up when this is settled and the exchanges allow it to be traded again. We shall see.
Really don't need to. Once you see "algorithmic stablecoin" that should be enough. If nothing else, the IRON stablecoin serves as a warning what can happen with those.
if the taxable event occurs before holding 1 year, it's ordinary income. If greater than a year, long term capital gains. Swapping crypto A for crypto B is a taxable event for A, but not B.
Centralized brokers who are attempting to be forward-looking in their compliance should have some report. I'd think Coinbase does. However, others like Kucoin do not. I'll need some robust tool to track all of my stuff and will report back what I end up using.
Here's a question. I've got staking rewards that I've claimed but are not vested. I have to wait a year from the claim date before they're unlocked. Does claiming them count as a taxable event since they remain locked? I read an IRS blip that mentioned "having control of" as a metric for determining a taxable event.
I hadn't seen that.
I agree. Normally you're supposed to account for the income when received, similar to dividends. However, it's not just a matter of me continuing to stake them after being claimed. They remain locked and I'm unable to access them. If I wanted to sell them I couldn't. Thus, I don't truly "have control" and may be able to defer the income until the unlock occurs in a year.
that is a different situation. seems reasonable. i suppose before long this will all be spelled out in excruciating detail in IRS code.
I use CoinTracker and it works great, although I don't trade much. Tracking transactions is free but they charge for the tax reports at year end.
I'm inclined to use exchange transactions as the gateway and use those for tax reporting. Once out in defi world "here ye be dragons" is a cloud of unknowable/untrackable that I'll settle out when I extract through the exchanges and zero out those entry purchases. Anything over and above those will be zero basis gains (like they would be with mining, etc.).
I think I used bitcoin.tax last year. Just submitted the documentation from their report and the tax forms that uphold & coinbase provide. Those apps definitely won’t track wallet or dex usage though, they only link up to exchange data.
Pretty sure it’s just exchangesFreeBaGeL said:
