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 🤑🤑🤑
 
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  1. T @ timyboy: @xenxra indeed :) BTC seems to be climbing as well and your prediction of $120k seems spot on
  2. xenxra @ xenxra: @timyboy prob not gonna stall out til $3400
  3. CalFresh @ CalFresh: @hotdog45 & @Mokachin0 I am humbled by your kindness. thank you both so much for your generosity. This place is truly amazing.
  4. T @ timyboy: ETH going up!!
  5. H @ hotdog45: @Mokachin0 I cannot thank you enough for this act of kindness .
  6. M @ Mokachin0: @hotdog45 tight back at ya! What a generous idea in your response! But don’t forget, you just had your own tragedy, and still managed to put kindness into the world. That deserves recognition
  7. xenxra @ xenxra: @oh be g i have a 10 year track record, @CnC5 can vouch for me. intuition plus experience but don't hold me to it for 100% certainty.
  8. H @ hotdog45: @Mokachin0 oh my gosh I cannot thank you enough. This is so incredibly generous. Sending all the love I can your way, and everyone on this board love as well!
  9. M @ Mokachin0: @hotdog45 check your pms, thanks for your uplifting comment here, prize details in dm!
  10. T @ timyboy: Good Day!
  11. O @ oh be g: xenxra u know way more than me, why so ocnfident?
  12. T @ TheAZMan: @AaronRag sent. Thank you.
  13. A @ Aarfgh: @TheAZMan email admins using contact us button on bottom and ask, if you donated
  14. T @ TheAZMan: Who do I get the password protected forum login info?
  15. xenxra @ xenxra: monero is going to $700 in two-ish months. screenshot this as well.
  16. H @ hotdog45: Just wanted to send some love to everyone on this board. You guys have helped me through some difficult times and continue to. Thank you to everyone
  17. Strawhat7 @ Strawhat7: @xenxra got it! I figured as much but was strange that I could literally find no evidence that he was ever on here lol thought I was going nuts!
  18. xenxra @ xenxra: @Strawhat7 yeah he stopped sending out mags like last november or something iirc
  19. MOD @ MOD: Hi All
  20. LW815 @ LW815: @Mycawesome gotta be proactive(aka fiscally irresponsible[borderline retarded]) and way overstock the library. While the preferred genre may not always be in stock always sure to have sub-genres or at the very least another genre to stay entertained while awaiting the next edition of the favorites.
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