#asknostr #canada #canadian
I'm new to bitcoin this year. I haven't spent any bitcoin yet. The pain of what it will be like having to report on my taxes has made me shy away from spending it. But I want to get past that. Any tips? What should I be aware of?
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If you can keep records and put numbers in a spreadsheet, you can do the taxes. Assuming you're in the US, this is the form where the info goes: https://www.irs.gov/forms-pubs/about-form-8949
It's basically just: what is it? When did you get it and when did you sell it? How much did you buy it for and how much did you sell it for? What's the difference between those two numbers?
After that you just add all of the numbers up.
Thanks for the info!
I'm in #canada but I think that probably sounds right for here too.