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RE: Inflation – the biggest tax of all

in #money7 years ago

Wow only a thousand, jeez. You can bet they will be looking this year. 1st and foremost, keep track of your losses, those can be deducted from your gains. If you are on an exchange and you have a crappy trade that sucks you can use that loss to pay less capital gains. There are other things you can do from other categories too of course. I know luck does play a part in things, but why tempt them.

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I'll be honest I'm not to worried currently. While I'm sure the IRS wants to enforce taxes on cryptos it's beyond impractical at this point. There's no real way to track or tax it. Maybe one day in the future. But I still might look into what you've mentioned anyway. Like you said might not hurt.

As it stands though I doubt most people will be filling Bitcoin taxes or any crypto for that matter.