My question is how the hell is the IRS going to know if we are even wrong in reporting the transactions correctly and to what index do we even compare for a dollar value since the quoted prices of BTC and ETH depend on the exchange and time of day...the exchanges aren't reporting them. I'm going to take a wild stab and say that a large percentage of people trading cryptos aren't going to voluntarily give this to the IRS...Its going to be an interesting mess to watch unfold.
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Oh I agree. They have no way of knowing what transactions hAppened. What I’m worrried about is later years nd getting audited. I’m still torn on what to do.
Even if they do bring the fill force of their firepower against crypto traders they’ll go after the big fish first. I’m not a big fish.
But yeah I’m guessing more than half of ppl won’t report their trades, gains, losses, etc. maybe I’ll just say screw it at least for this year in reporting. Bunch of crooks get enough of my hard earned money from my regular job anyway.