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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  2. ontovzik @ ontovzik: I had a great doctor, he had the true gift of a healer and he stayed on top of all the science. He straight up told me that for many people opiods work for managing short and long term pain.
  3. ontovzik @ ontovzik: He peed it in the snow in my backyard.
  4. WTF7218 @ WTF7218: @xenxra 😆😂. Yes, but only a few brave souls will ever find the number. You must first order a Dirty Shirley from the bartender. Then you must discreetly take the cocktail napkin from under your drink and unfold it. There you will find the map to the location of the phone number, and clues to decipher the code that it is written in.
  5. xenxra @ xenxra: he left his phone number scribbled in a stall at the pub three blocks down
  6. aBBazaBBa123 @ aBBazaBBa123: @rockychoc How do I contact you?
  7. N @ NYStateofMind: @Alkazar I would try one of those easy online ones .. reddit gives useful info about that
  8. Alkazar @ Alkazar: @NYStateofMind I dont really have a history of abusing things, my docotr is just really stingy. I am thinking of switching.
  9. C @ Cheesus: Thanks xenxra
  10. xenxra @ xenxra: @Cheesus yeah, use snote
  11. P @ psychedpsych: Trump is cracking down….
  12. P @ psychedpsych: Hackers are the scum of the earth
  13. N @ NYStateofMind: so it was easy bc of my history
  14. N @ NYStateofMind: I didnt really tell him but he knew I needed a new script since my dr went to jail
  15. N @ NYStateofMind: @xenxra I was on Adderall since 15 years ago so my dr prescribed that w no problems and then when I lost my best friend my doctor rxed the valiums but
  16. C @ Cheesus: Temp.pm down for anyone else?
  17. xenxra @ xenxra: @NYStateofMind my doctor's have always been pretty open minded if i can actually come in and explain the pharmacological action of the drugs im seeking instead of just telling them why i think i should be prescribed. the only time it didn't work out for me is when i was trying pharmaceuticals for depression ten years ago and suggested they let me try testosterone instead (turns out i was hypogonadal so they made a mistake denying my request at face value)
  18. T @ Testisthebest: Even down here in Florida when the pill mill docs all switched over to Suboxone and/or retired you can still find some pretty liberal docs but you gotta know what to look for. Mine does "pain management, detox, anxiety,etc. And no insurance. My doc writes me 60 5mg Valium, 14 2mg Xanax and asked if I had ever tried adderal to get more focus at work as I told him I run my own business.
  19. N @ NYStateofMind: @Alkazar do they know your history? Like I dont tell my doctor anything about myself except what they need to know,...I was able to get my dr to rx the highest dose of adderall along with valiums ..... if they dont know your history or there is no history I would just come out and ask what is the reason for their mistreatment.... they have no problem billing your insurance or taking a payment for the visit
  20. T @ Turbo259: @Layne_Cobain Thank you fam
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