What is going on with the insane bitcoin transaction fees?

Right, but then you have to show a trail of where they were obtained, at least that’s what I thought? And depending on how you obtained that crypto, you might just want to pay the taxes instead of having accountants asking questions. Thoughts?

JJ
You only have to show how obtained if you are audited. Granted that's playing the odds a little but unless you're laundering huge amounts of money through BTC (which wouldn't be a great way to launder from what I understand) and you didn't earn it vending drugs, I'd file with the actual cost basis and let them challenge me on it if they want. Worst case is you can't (or choose not to) prove what you paid for the BTC then you pay the original tax plus a penalty.
 
Yes. I just received my 1099-B for 2023 from CashApp. Every time I sold BTC, CashApp considered the amount you sold in BTC as capital gains. So yes, you will owe federal taxes each and every time you sell BTC for USD because they recognize this as income.

It kind of sucks because they are taxing me on the entire amount of BTC I sold in 2023. (I’m just going to use round numbers to explain the 1099-B form CashApp sent me.)

In 2023, I sold $5,000 worth of Bitcoin through CashApp to receive 5,000 USD to deposit into my Chase checking account. CashApp then sent me a 1099-B form for the year of 2023. They are considering the entire $5,000 worth of BTC that was sold as “capital gains,” regardless of where the BTC originated from or how you obtained it. To make a long story short, you will have to pay federal taxes on ANY Bitcoin you sell through CashApp.

JJ

NO F***ING WAY!!!

Well, I hope you did well for yourself trading-wise to offset the taxes.
You know what they say: MO' MONEY = MO' PROBLEMS
 
Yes. I just received my 1099-B for 2023 from CashApp. Every time I sold BTC, CashApp considered the amount you sold in BTC as capital gains. So yes, you will owe federal taxes each and every time you sell BTC for USD because they recognize this as income.

It kind of sucks because they are taxing me on the entire amount of BTC I sold in 2023. (I’m just going to use round numbers to explain the 1099-B form CashApp sent me.)

In 2023, I sold $5,000 worth of Bitcoin through CashApp to receive 5,000 USD to deposit into my Chase checking account. CashApp then sent me a 1099-B form for the year of 2023. They are considering the entire $5,000 worth of BTC that was sold as “capital gains,” regardless of where the BTC originated from or how you obtained it. To make a long story short, you will have to pay federal taxes on ANY Bitcoin you sell through CashApp.

JJ
Same here. Will never use bitcoin again. It's not private anymore if the irs sends you a tax form.
 
Same here. Will never use bitcoin again. It's not private anymore if the irs sends you a tax form.

BTC is "publicly" traded now, remember? Unfortunately, it's no longer the Wild Wild West like it was 10 years ago

MY DUMBASS SAID NO TO SHARES WHEN THEY WERE LESS THAN $100 (from a hippy, suuuuuuuuper White Whole Foods co-worker).

Back then, it was SUPER sketchy and it sounded like just another pyramid scheme, you know? It was "private" P2P only.... similar to the original NAPSTER music. All signs indicated SCAM........

DAMN!!! I f***ed up on that one in 2013 🤑🤑🤑
 
Drugbuyersguide Shoutbox
  1. xenxra @ xenxra: also, to that effect, i'm a bit behind on the whole C/R situation, that being said - this is the first time in 16 months that the market pulled back and C did not DM me on telegram about it.
  2. xenxra @ xenxra: i want to apologize to the people on here for my calls about the market moving up three days before the crash. the crash we had was essentially a black swan (i.e. an accident) and as is the very nature of "accidents", they usually cannot be accounted for beforehand. a LOT of people got wiped out on that move but I do think we still push for new highs across the board sooner than later as long as Bitcoin stays above $105k.
  3. O @ oh be g: And I agree w u shit happens
  4. O @ oh be g: @finger just to be clear I am not accusing any one of anything just replying to another post explaining how just like any other biz drop shipping exists
  5. Finger-of-God @ Finger-of-God: Thats why we just make sure to always have inventory and never go past the inventory. makes us have skin in the game.... that said sometimes shit happens we get hella orders and have to process 600 orders after a busy weekend and it might take us a week to catch up. so maybe thats all he is dealing with?
  6. Finger-of-God @ Finger-of-God: ooph. i hate to hear the scam word tossed around. sometimes people end up having shit happen...like making a bad move in business, doesnt mean they scammed but that they just fucked up some how.
  7. O @ oh be g: That being said, be careful. There was a period of time of new vendors who exit scam after sending “samples”. So I woould trust your gut and intuition ”
  8. O @ oh be g: @meep that’s always been the case, u will see vendors w the exact same menu. Part of the game.
  9. Kruppe @ Kruppe: Man that sucks about rocky :( I haven't been here long but man he was on point.
  10. Dr-Octagon @ Dr-Octagon: A pleasure
  11. A @ AnnaSofia: @Dr-Octagon nice to see you again sir!
  12. Dr-Octagon @ Dr-Octagon: @AnnaSofia nice to see you.
  13. DougBreyers @ DougBreyers: Just came back after a bit of absense and noticed rocky seems to have suddenly disappeared. 🤔
  14. fyjclol @ fyjclol: Nope. It's sketchy af
  15. M @ meepmoopmeep: Strange to see a crop of new vendors after the whole situation… coincidence?
  16. Ketmaster @ Ketmaster: @Yaugae5121
  17. Ketmaster @ Ketmaster: It's speculation from someone who used to be on his "team" and mod for his telegram who he talked to often
  18. R @ racingworld23: Yeah I understand so I used to go to him for Lucy or magic mushies anyone else around here got them I feel like I'm starting over as I never used anyone but that guy
  19. Y @ Yaugae5121: We don’t know anything dude…i wouldn’t say an opinion as fact for the sake of the community brother
  20. Ketmaster @ Ketmaster: @Stevienixon
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