The way I look at it is this… and this is MY OPINION and the way I handle my tax BS… Unless I get a 1099 tax form from my income, they can kiss my ass honestly. The only ones that send those are exchanges like Robinhood and Blockfi. I report those so the IRS can see something, but other than that, they can pucker up. The only other thing I do as far as centralized exchanges is I go in and out of USDC through Coinbase, but with stablecoins, no taxable income. I also lend my crypto on Nexo.io which is not US based and doesn’t report to the IRS. I also just use that to loan against my crypto in USDC and pay it back in USDC. No taxes on debt. NOT FINANCIAL ADVISE!!! I take my own risks, and I live in a van so they would have a hard ass time catching me. Plus I am not stupid enough to pay more than 10k in cash or crypto for anything so they won’t be throwing that stupid form at me.
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That's kinda how I look at it as well, though I don't recommend the method to other people. I don't make a ton of money in crypto at all. Not yet, anyway. It's so up and down and so many transactions that I just don't feel like fucking with it. I get a couple of 1099s from a few places, and I send those in with my taxes. I also make regular income on paper and so does my wife, and we don't buy extravagant things or anything. Some people probably send up some red flags when they come into a lot of money.
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