I don't want to be Debbie Downer, but this IRS ruling on crypto as property as opposed to currency really has be down in the dumps.
Unlike most of the crypto-knuckle heads out here in crypto-fantasy land (the place where unicorns fart rainbows and the IRS is unable to track Bitcoin), I always expected to have to pay taxes on my gains. When I converted crypto to fiat in coinbase, I put aside a hearty 30% to pay in taxes. I even expected to pay taxes on the purchases I made at SilverGoldBull.com as well.
So what's got me down? Well, this idea that Bitcoin to Etherium to Ripple to Litecoin is not a "like kind" trade thus making me have to track every single transaction and figure out the gain/loss on each transaction.
Lately, I've been enamored by some of the alt-coins and wanted to convert some of my Steem into Bitcoin then into Ripple/Stellar/Bitshares/etc. The idea that I have to manually track all that makes me want to give up the space all together!
I also made some lofty stacking goals about filling up a Monster Box with nothing but proceeds from Steemit. Well, that too seems like it may not happen if I have to chart all of my hops from one coin to another..
Anyone out there feeling the same way? Is it time to walk away from the whole crypto coin space or am I just over-reacting?
Taxes on cryptos have taken a lot of wind out of it's sails.
my dear steemit friend future is the era of digital currency.....don't let yourself down by the minor difficulties today.
Yeah, I know. I just don't want to be hassled.
With whats going on with the taxes and the raids on exchanges going on in south korea right now im about to just start banging my head on the wall.
I almost want to throw my hands up in the air and say fuck it all but i couldnt if i tried. damnit i want to right about now though.
:/
Regulations are surely a pain. Its still better there in USA. You have great awareness about the crypto space in and around you. Here in India we just see articles stating its an illegal currency. Its a currency of criminals and bla bla. Ughhhh !!!
Wow. Thanks for the insight.
Yes, the new law is a pain in the ass and has slowed my trading activity way down but maybe not such a bad thing to HODL until the long term gains kick in.
You may want to check out the CoinTracking program to help
https://cointracking.info?ref=R428630
Thanks. I've seen it and it looks pretty useful.
am I just over-reacting? I don't think so.
Ripple/Stellar/Bitshares, my favorites as well.
unicorns fart rainbows! Awesome!
Great post!
if your prediction about bitcoin in this year would be the price will be in the past year or even going down again
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The laws of my country are very outdated, they just now started thinking in taxing the mining of coins, so i don't know what nightmares you are going trough but i will be soon find out, nevertheless even if become a hassled, i can't crypto coins as they are my main source of income to this day.
Don't sweat it @sirstacksalot. I am just going to HODL and if I need some Fiat from my Cryptos then I will get a Loan through SALT Tokens. Borrowing is not a taxable event.......
Wow!! That’s depressing, why did you have to bring that up! Lol I have to agree with you, that seems like a bunch of bullshit to have to go through in order to keep you ass out of having to use soap on a rope when you shower!! I was hoping like you to take the crypto and just convert it once or twice into precious metals. Not have to go through 6 or 7 different exchanges, track every loss and gain. And then when your done who know what else the IRS can do to you! Very confusing and slightly depressing. But at least we got the community to fall back on! 👍🏼🍺🥓