Track your cryptocurrencies!
Keeping accurate count of your crypto purchases is VERY difficult. I use CoinTracking to automate over 90% of it. This is not going to be popular, but I'm also doing this for tax purposes. I'm a strong believer that we need to be paying taxes (for the U.S.) on crypto because it will eventually catch up to us if we don't. Remember, the blockchain is forever!
nice one! Although im not a fan of paying the government money they dont deserve.
Indeed, however, I wouldn't want to risk fines and prison time by trying to outsmart the IRS. Nor would I want to live in fear. Like I said, the topic of taxes won't be popular, but the cost of having that peace of mind is worth it to me. I'll be putting out more videos on crypto taxes in the future to help us all in dealing with the tax problem.