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Who else is getting their tax info together?

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Not going to lie, I did a lot of selling & trading with crypto this year and made a few purchases on top of that.

For the record, in the US, taxable events include:

  • Trading any crypto for any crypto (including USDT or USDC)
  • Trading any crypto (including USDT/C) for USD
  • Trading any crypto (including USDT/C) for goods & services with a USD value
  • Selling on Robinhood, even if you don't actually own the coin or the wallet. (Robinhood does not eat that tax because they're so nice, it passes liability on to you.)

That said I'm already getting a headache staring at spreadsheets and switching between tabs. All I've learned thus far is to use the LIFO method ("Last In, First Out") unless you entered the market at the ATH, or you bought in more than a year ago. That's just my perspective though.

submitted by /u/VirinaB
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