He basically said that we don’t need to do all this hard work within any of the crypto tracking apps bc the way things stand now is that crypto is being regarded in the same way as property. Not like stocks, none of that.
All the IRS apparently wants (and needs) to see is:
January 1st:
Amount X
December 31st
Amount Y
and the difference (including unrealized gains) is taxable and falls capital gains tax!
I still cannot quite believe it but I am curious to hear (knowledgable) professionals’ input on this.
Because if that should be the case then we are basically spending far too much time with all the issues within crypto tax software and liquidity pools and CSV conversions etc…
This whole thing (including all those crypto tax lawyers, some of which I have actually had consultations with - and let’s just say that most of them really just put that sticker on their website, bc, y’know, crypto is the new thing) seems to be a bit of a waste of time coupled with Emperor’s new clothes.
Does anyone have solid knowledge on that for the US?