#Bitcoin
Bitcoin Year-End Tax Emergency (IRS Safe Harbor Plan)
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Replies (30)
Thanks 😊
I'm going to choose privacy and outHODL the IRS on this one.
I don't plan on ever selling my bitcoin, and there will be no need to calculate capital gains on Bitcoin when the world is on a Bitcoin standard.
Go for it! This may also just be my accidental way to force myself to never sell any. It's literally the IRS is going to put me in jail for not remaining 100% invested.
Anyone want a new house, new car, or have emergency bills?
The answer will be: do you want me to go to jail?
@npub1s33s...252p Can you provide the links on Nostr?
Yeah I'm curious about this. But suppose in the future the IRS requires exchanges to report every sale of bitcoin to their customers? Could that be possible? Even though you are hodling & incurring no profit or loss your bitcoin purchases will still be reported & you haven't provided them with your holdings. My guess is your strategy will be reasonably safe if you don't buy anymore btc starting Jan 1st when the new rules take effect. I could be completely wrong of course
if the IRS is gonna make you do this accounting in the future anyways, why doxx your holdings today?
id rather do nothing, maintain privacy, and hodl harder.
selling BTC for fiat dollars is counter productive. I'll take a debifi loan before selling back into Fiat.
as always, thank you Matthew!
Watch the video you dont need to doxx now.
Also there is this: "This plan does not need to be submitted to the IRS, but you will need to keep a copy of it for your records in case you are ever audited."
just be super careful you're not taking digital picture of shit you don't want shared. Pictures taken on your phone get uploadedy to the cloud.
Seems trivial these days for goog or appl to scour your photos with AI.
Cloud breaches would also doxx you to everyone. Even if you use those timestamp services, who knows what copies are retained. this sounds like a digital nightmare.
Easy pass for me. I'll take my chances with an audit. all my btc was purchased KYC anyway and I don't plan on selling it so... nope.
🌻
E
correct but this information is being uploaded to timestamp services. Thats not something Id want to share online IMO. Who knows what records are retained.
heres his X post. some decent discussions so far.
X (formerly Twitter)
Matthew R. Kratter (@mattkratter) on X
Bitcoin Year-End Tax Emergency (IRS Safe Harbor Plan)
I would someone to explain whether its even feasible to not use FIFO if you've got significant numbers of varying basis due to long-term DCAing. Seem like the math behind allocating the right amount of cost basis to various coins is going to be daunting.
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Haven't watched yet, but what if we just ignore all of this garbage from the IRS?
Watch the video
**Clearest explanation yet**
#safeharbour
1. Its open source
2. You can do it yourself on the command line.
3. You can hash it first so they only hash your hash.
Its private.
Matt, serious question:
Were you dropped on your head as a baby ?
That's like stealing from the government !
Thanks for the info.
JW Weatherman’s response to this video:
It’s so sad you are promoting this FUD.
Taxpayers are still allowed to use specific lots accounting. This means they can arbitrarily pick any purchased bitcoin as their sold bitcoin retroactivity at the end of the year.
Your 1099B should be accurate on the gross sale, but it’s only a slight convenience if it has the correct cost basis (it rarely does).
So absolutely nothing has changed except you probably got paid to sell fear and less likely you got suckered.
Comment sir?
good to know! ty
Here’s the link to the IRS about this safe harbor garbage
https://www.irs.gov/pub/irs-drop/rp-24-28.pdf
Here are the forms, there two but I think you only need to use one. Please read before using them
https://cryptotaxgirl.com/wp-content/uploads/2024/12/Digital-Asset-Allocation-Plan_CryptoTaxGirl.pdf
Here is the link to opentimestamps
eForm
OpenTimestamps: a timestamping proof standard
OpenTimestamps aims to be a standard format for blockchain timestamping.
I do not understand why anyone would follow this terrible advice.
Fuck the IRS.
You can tell the IRS that they can go fffffffuuuuuck themselves
I think you need to have spine enough to not use either. It's not their money. Fuck that. Fuck them.
And also
Absolutely FUCK the IRS
Who stole from us !
Is there a chance we could get a video on what the actual process of allocating cost basis to different wallets looks like in the transition from universal accounting to wallet-to-wallet accounting?
I'm specifically interested in how the Global Allocation of HIFO would look in practice, and whether or not you actually need to part out your transactions and allocate them to wallets.
Always great "USEFUL" Content..👊
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