You also mentioned that you're doing taxes. Great. Do you think many people will be trying to dodge doing taxes ? what about small players? If you would invest lets say only 1000$ within last year and have pretty much only loses then would you bother even learning how to pay taxes from crypto? Just asking as I know number of people in that sort of situation and I dont know what to advise them.
Yours
Piotr
I do think a ton of people will dodge it as they were likely still down depending on when they bought. The crappy thing is if I invested a 1000 bucks in lets say November of last year and I sold some made a profit, but then that profit dropped I still have to pay the capital gain on the profit made even though the price dropped after the new year..
At that same time IF they got crushed in the later part of 2017, (which didn't happen) they still can report their losses.. I am not Tax expert but the IRS definitely wants to see all your crypto movements.
I don't think they will be able to track down everyone who skips doing it this year but the risk is not worth the reward on this.. I do have a feeling it will get easier as time goes on and adjustments are made.
Thank you for your reply. I read it a bit late but i did read it so your time isnt wasted.
Do you think they care about all crypto movements? Even if amounts are not big? I cant imagine anyone being able to control it all.