At the beginning of 2018, I wrote an article outlining a New Year’s resolution that I thought could help boost cryptocurrency adoption and awareness in 2018, as long as enough people were doing it. Last week was the twelfth installment of my challenge. Since then, I’ve filed my taxes – which required an at-length conversation with a tax professional about cryptocurrencies – and I realized just how insane the current tax code in the US is for cryptocurrency.
As we all know, every time you use a cryptocurrency in the US, it is considered a taxable event, so every transaction needs to be reported. Not only is this annoying, but the IRS has provided little clarity on the matter, and many tax professionals are left baffled when people like me come into their offices.
This week, I learned about a delightful program to make reporting taxes on crypto really easy. I used bitcoin.tax and it actually gave me a lot of really interesting insights into my cryptocurrency activity this past year, in one consolidated place. Not to seem like I’m shilling it (I promise this isn’t paid promotion, I’m just a data geek), it was really interesting to get this kind of breakdown, and know that I can access these reports next year too. Again, hopefully the IRS will adopt more reasonable tax laws such that we won’t need things like bitcoin.tax to report
Dogecoin dust transactions.This week I gave away the paper wallet of Doge that I’d received from the Shibe Mint (from which I bought some physical, precious metal Dogecoin). It wasn’t much, but I think I’m just exhausted from the idea of having to report many transactions next year on my taxes. I think this fatigue will pass soon, though.
Did filing crypto transactions on your taxes also take a bit out of you? Otherwise, how goes your challenge? Tell us on Twitter or in the comments below!
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