Don’t be afraid of the Tax man

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I’ve been in the crypto space since 2017 — starting with just pocket change and watching my money get annilihated over the long bear crypto winter…

But I kept buying with a purpose and now I have some actual tangible funds…

Onto the next elephant in the room —- taxes…

I was checking up on the government resources and I noticed that they do have information on crypto currencies, but one of the first points they made was that they do not recognize it as legal tender (LOL) — okay okay so it is monopoly speculation on their part.

What really chapped my ass was the requirement that I pay taxes on such an elusive and speculative field, with high risk of failure — of course the small chance I reach success, the government wants their cut too right?

I’ve dabbled in numerous exchanges, numerous DEFI platforms, and everything was incredible daunting and nerve-racking, but I had to start coming clean with my assets, even though I have never converted any of it back to Fiat, I recognized that the tax man was not someone that you wanted to mess with.

Enter Koinly.io

I am not affiliated in ANY WAY — just a simple h0dler wanting to clear my name so to speak.

Punched in all of my wallets and exchanges and let it tabulate … It does take a while so be patient!!!

Besides modifying a few trades, everything was pretty much out there, even though it is still a little foreign to my smooth brain, it should be simple enough for an accountant to document so that I shouldn’t have any issues going forward. But I had to start somewhere, and I encourage you to start now and get the ball rolling, especially before tax season really hits. It will truly give you piece of mind.

Personally I don’t see myself converting back to fiat any time soon, time will tell…

Several scenarios 1. be legit and come clean with your assets and trades 2. claim you lost your keys, but good luck ever using that wallet again (everything is trackable, especially if exchanges volunteer your info to the tax man) 3. cash out in a country that doesn’t require you disclose or pay taxes

TLDR: use koinly.io and stop waiting, get your taxes sorted out, man

submitted by /u/beerbaron105
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