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RE: Reconciling little things - Crypto tax issues

in LeoFinance2 years ago

I agree, there's no real way to make it work by tracking every transaction.

I was thinking...Imagine someone knitting a sweater to on-sell. At the point of sale revenue is collected and tax is payable on the income. Does the tax department ask to see every stitch reported on or just the materials, cost of manufacture and revenue? I think they're juts trying to grab as much as they get when paying tax on crypto to fiat exchange is the simpler way to go I guess. I'm no accountant, so am more clueless than accountants when it comes to this stuff but there's got to be a simpler way.

I like your idea though, let them sport it out. I'd be happy to pay 50% on every dollar converted to fiat and not have to report.