Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[philipma1957]

well buddy is still pressing up towards 80k rather than down toward 60k.


I got some dip at 66k the other day

and today I added a bit at 70k

I have 10% of my corn on exchanges and the rest in wallets.

I have close to zero on exchanges and even that tiny amount that I have messes things up as Kraken automatically gives you some unneeded rewards in a form of some s-tcoin.
This messes up my tax reporting.

BTW, did any of you guys (who are in US) tried to tackle the 1099-DA reporting yet?
Beware of the choices you would make in 1040 as at least some of them result in a need of mailing some form to you know who.

I decided to wait and see if it could still be attached because it is a bit crazy since they have the form from Coinbase, for example, and I have the pdf, which is downloadable from Coinbase.
Then, why do I have to mail anything instead of allowing to simply attach the file to the electronic return?
I talked to TurboTax...and they also don't know why..as it stands now, but there is a glimmer of hope for an update before Apr 15.

I do all mailings since 1986.

Fucking as much as 300 pages for nonsense coin base transaction.


list a sale at 0.1 btc    and they may do 40 tiny sales to make it happen and I have to make 40 entries.

I have done a 319 page return for 85,000 in coin profits which is nuts.

well, sheet, maybe i will also do it line by line instead of a summary tx for each "item" (as Turbotax suggested) and maybe then I could do electronic and no need for a mailing.
I don't have 300 pages worth, maybe 3-4 at most, but copy-pasting or inputting all those 16 numbers after a period could be tedious. Oh, well.

I use bitcointax.org it generates all the sched d crap and I then attach to the return.

I made a decent amount of money mining over the years 2012-2026  maybe 300k spent on living and running the mine. Along with

About 200k in investments so say 500k in 14 years. And the 200k invested in coins  is taxable if I cash it.

Would have made much more if I simply hodl when coins were cheap. Also far far far far less paperwork.

Phil - You're the IRS tax expert aren't you? Having been an employee of the IRS for a number of years.

the IRS rules are fucked up the laws are fucked up the government is fucked up.

I lost full use of my coin base account (they let me take the wealth out).

because coin base has shit for brains.

Last Jan 2025 they kept asking for kyc info.

I sent everything in the universe I could think of. I sent email after email after email saying why won't you clear me.

Because of this nicehash closed my account since they(coins base) refused to accept deposits form nice hash same info for a decade no changes.

Finally after the nice hash company cut me off taking 3 or 4 hundred dollars in mining coins.

I finally got from coin base what the wanted info on my mining deposits from nice hash.

too late nice hash ended the account and access. So I can not prove to coin base what those deposits were.

As far as I am concerned fuck the laws they are stupid as shit.

and basically nuts.

Phil - Do you know what information CoinBase reports under your SSN/Acct to the IRS? Does NiceHash report any info about your account to the IRS?

I would think the IRS treats payments from Nicehash as ordinary income taxed at your marginal rate.

yep which is why I am so fucking pissed off at coin base for fucking

everything up.

All they had to do is say where did those coins come from and I would have told them but from Jan 2025 to sept 2025 they never answered me .   

I know how to legally account for proper tax payments except these moron companies and government asses keep changing rules of reporting and then they don't asked for the correct shit.

last year. about 36k mined

about 24k in power

and 15k in gear

a net loss of 3k boom done.

should be a dozen pages for the return

it won't be it will be close to 100 pages.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Hueristic]

For years we in this thread have been warning against coinbase and been ignored yet we still have to hear them whine when they have been bending over and over non-stop and still get jilted.

Unreal.

[philipma1957]

For years we in this thread have been warning against coinbase and been ignored yet we still have to hear them whine when they have been bending over and over non-stop and still get jilted.

Unreal.

my situation is all federal pension money which is frozen if I do not comply with tax law I get 4 checks.

4900 a month
  700 a month
1400 a month
1200 a month

8200 a month total take home post tax.   This is at risk suspension if I get caught doing tax avoidance.

So I do everything I can possibly do to comply.

And they still fucked up.

So as of today

I only buy coin on kraken
I only buy coin on PayPal

I hodl the older coin in a private address
I deposit all mining in a private address


thus if and when I sell it will be kraken or PayPal coins with easy to trace cost of living.

If the irs says  I was supposed to use the other coins for tax basis. I gifted them to my wife.

and we file separate .

all legal and should be simple.

this was another reason to end my 4 man partnership mines as taxes were getting to stupid to track.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Biodom]

well buddy is still pressing up towards 80k rather than down toward 60k.


I got some dip at 66k the other day

and today I added a bit at 70k

I have 10% of my corn on exchanges and the rest in wallets.

I have close to zero on exchanges and even that tiny amount that I have messes things up as Kraken automatically gives you some unneeded rewards in a form of some s-tcoin.
This messes up my tax reporting.

BTW, did any of you guys (who are in US) tried to tackle the 1099-DA reporting yet?
Beware of the choices you would make in 1040 as at least some of them result in a need of mailing some form to you know who.

I decided to wait and see if it could still be attached because it is a bit crazy since they have the form from Coinbase, for example, and I have the pdf, which is downloadable from Coinbase.
Then, why do I have to mail anything instead of allowing to simply attach the file to the electronic return?
I talked to TurboTax...and they also don't know why..as it stands now, but there is a glimmer of hope for an update before Apr 15.

I do all mailings since 1986.

Fucking as much as 300 pages for nonsense coin base transaction.


list a sale at 0.1 btc    and they may do 40 tiny sales to make it happen and I have to make 40 entries.

I have done a 319 page return for 85,000 in coin profits which is nuts.

well, sheet, maybe i will also do it line by line instead of a summary tx for each "item" (as Turbotax suggested) and maybe then I could do electronic and no need for a mailing.
I don't have 300 pages worth, maybe 3-4 at most, but copy-pasting or inputting all those 16 numbers after a period could be tedious. Oh, well.

I use bitcointax.org it generates all the sched d crap and I then attach to the return.

I made a decent amount of money mining over the years 2012-2026  maybe 300k spent on living and running the mine. Along with

About 200k in investments so say 500k in 14 years. And the 200k invested in coins  is taxable if I cash it.

Would have made much more if I simply hodl when coins were cheap. Also far far far far less paperwork.

Usually I do my taxes myself and very easily match my sales with my cost basis.  This year the IRS seemingly lost it's mind.  Exchanges wanted me to account for 1200+ transactions and I only made a couple of sales.  Looks like they were trying to reconcile a nightmare of old inputs or something.  I didn't want to take any chances so I used a crypto tax company this year.  My taxes came out to about $60K more than I was expecting with my accounting, but I figure it is better to be safe than sorry when it comes to the IRS.  I am also paying more in taxes this year than I have in every year of my life combined up to this point.  My goal is to be much smarter with my tax planning in 2029...  Maybe do all the things I should have done last year.  

Selling the top is fun until April rolls around...

Imho, the cryptotax companies are doing the good old "fake it until you make it".
How do they know what each non-exchange tx represents?
Is it a sale, or a transfer to a second person (who could be your wife?) or to a third party?
How, exactly, they could calculate your cost basis reliably in this scenario?
They can't, at least not reliably, imho.

The simple method of you buying coin on exchange, moving it to a hard wallet and then transferring it back they could handle, probably, but I doubt even this: say I transfer from hard wallet to a hot wallet (on the phone, for example). Do they now assign to coins in a hot wallet a new cost basis (based on a price of btc on the day of transfer)? If not, what would be their "cost basis" based on when you transfer such coins to an exchange for a sale?

But, once you got the official document, sure, you can use it, even if it cost you a pretty penny (almost a newer cyber-truck worth-for a base model   )

[eternalgloom]

Belgium ground is a bitch after 40 days of Palau-phillipines and BKK

lol,,

40 days of Palau-philippines & bangkok paradise and suddenly belgian drizzle & grey pavement feel like punishment? :p

Welcome back man, didn't you miss our coffee and fries?

[OgNasty]

Imho, the cryptotax companies are doing the good old "fake it until you make it".
How do they know what each non-exchange tx represents?
Is it a sale, or a transfer to a second person (who could be your wife?) or to a third party?
How, exactly, they could calculate your cost basis reliably in this scenario?
They can't, at least not reliably, imho.

The simple method of you buying coin on exchange, moving it to a hard wallet and then transferring it back they could handle, probably, but I doubt even this: say I transfer from hard wallet to a hot wallet (on the phone, for example). Do they now assign to coins in a hot wallet a new cost basis (based on a price of btc on the day of transfer)? If not, what would be their "cost basis" based on when you transfer such coins to an exchange for a sale?

But, once you got the official document, sure, you can use it, even if it cost you a pretty penny (almost a newer cyber-truck worth-for a base model   )

They might fake it til they make it, but they also handle any audit issues should one arise. You give them all your address and exchange info, so they can distinguish between transfers in your own wallets. I’m sure they err on the side of caution, but I don’t have any need to waste my time trying to lick the plate after enjoying a steak.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[philipma1957]

Imho, the cryptotax companies are doing the good old "fake it until you make it".
How do they know what each non-exchange tx represents?
Is it a sale, or a transfer to a second person (who could be your wife?) or to a third party?
How, exactly, they could calculate your cost basis reliably in this scenario?
They can't, at least not reliably, imho.

The simple method of you buying coin on exchange, moving it to a hard wallet and then transferring it back they could handle, probably, but I doubt even this: say I transfer from hard wallet to a hot wallet (on the phone, for example). Do they now assign to coins in a hot wallet a new cost basis (based on a price of btc on the day of transfer)? If not, what would be their "cost basis" based on when you transfer such coins to an exchange for a sale?

But, once you got the official document, sure, you can use it, even if it cost you a pretty penny (almost a newer cyber-truck worth-for a base model   )

They might fake it til they make it, but they also handle any audit issues should one arise. You give them all your address and exchange info, so they can distinguish between transfers in your own wallets. I’m sure they err on the side of caution, but I don’t have any need to waste my time trying to lick the plate after enjoying a steak.

Yeah as they kept fucking with the laws i realized to run the mine legally and split the coins legally it would be too hard too comply.

I now 100% mine alone at a host.

[Biodom]

Imho, the cryptotax companies are doing the good old "fake it until you make it".
How do they know what each non-exchange tx represents?
Is it a sale, or a transfer to a second person (who could be your wife?) or to a third party?
How, exactly, they could calculate your cost basis reliably in this scenario?
They can't, at least not reliably, imho.

The simple method of you buying coin on exchange, moving it to a hard wallet and then transferring it back they could handle, probably, but I doubt even this: say I transfer from hard wallet to a hot wallet (on the phone, for example). Do they now assign to coins in a hot wallet a new cost basis (based on a price of btc on the day of transfer)? If not, what would be their "cost basis" based on when you transfer such coins to an exchange for a sale?

But, once you got the official document, sure, you can use it, even if it cost you a pretty penny (almost a newer cyber-truck worth-for a base model   )

They might fake it til they make it, but they also handle any audit issues should one arise. You give them all your address and exchange info, so they can distinguish between transfers in your own wallets. I’m sure they err on the side of caution, but I don’t have any need to waste my time trying to lick the plate after enjoying a steak.

Well, you do you (albeit it sounded a bit too dismissive), but for old wallets simply ignoring the cost basis could be more profitable.
Example: say, someone has a 20 coins wallet from 2015 with a cost of $5K (@JJG, don't pin it on me, this is a true hypothetical).

Instead of hiring a cryptotax firm and showing all wallets to them, simply sell and report a zero cost basis if, for example, you lost the relevant data from 11 years ago and cannot recover it easily.
Result-a 70K(70250-250=70)X 20=1.4 mil profit (before taxes), whereas a $5K "loss" is non-consequential and much less than 60K that resulted from using a cryptotax firm in your example.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[BTCETFInvestor]

Imho, the cryptotax companies are doing the good old "fake it until you make it".
How do they know what each non-exchange tx represents?
Is it a sale, or a transfer to a second person (who could be your wife?) or to a third party?
How, exactly, they could calculate your cost basis reliably in this scenario?
They can't, at least not reliably, imho.

The simple method of you buying coin on exchange, moving it to a hard wallet and then transferring it back they could handle, probably, but I doubt even this: say I transfer from hard wallet to a hot wallet (on the phone, for example). Do they now assign to coins in a hot wallet a new cost basis (based on a price of btc on the day of transfer)? If not, what would be their "cost basis" based on when you transfer such coins to an exchange for a sale?

But, once you got the official document, sure, you can use it, even if it cost you a pretty penny (almost a newer cyber-truck worth-for a base model   )

They might fake it til they make it, but they also handle any audit issues should one arise. You give them all your address and exchange info, so they can distinguish between transfers in your own wallets. I’m sure they err on the side of caution, but I don’t have any need to waste my time trying to lick the plate after enjoying a steak.

Yeah as they kept fucking with the laws i realized to run the mine legally and split the coins legally it would be too hard too comply.

I now 100% mine alone at a host.

Phil - I guess you have received a 1099-DA and maybe 1099-MISC from Coinbase, right?

Doesn't Coinbase make available necessary cost worksheets for their account clients?

I don't see how the IRS can expect taxpayers to have accurate documentation for establishing cost basis longer than 3 years ago since the IRS has a three-year statue of limitations for establishing cost basis.

[Hueristic]

Finally got to Good Luck Have Fun Dont Die , was a good flick.

[Biodom]

My 2c about Michael Saylor.

Looking at his brazen buys lately, I could not escape thinking about a possibility that some truly big money is backing him now. Why?
1. Despite crypto winter MSTR is currently trading at a premium to it's holding and STRC is trading at par or even slightly higher with an increased volume in the last few days.
2. MS was able to raise quite a bit of money selling his stock as well.

It's all quite interesting and here is an article discussing ins- and outs- of the current situation:
https://www.investors.com/news/mstr-stock-strategy-18k-bitcoin-both-guns-blazing-11-billion-mystery/?src=A00220
(beware: sorry, first time I didn't get the paywall, but got it on the followup attempt-maybe it is in an archive somewhere)

[Biodom]

Finally got to Good Luck Have Fun Dont Die , was a good flick.

Cool...I am going tomorrow to see the Project Hail Mary...the book was great, the only concern is if they will ask Gosling to do too much of his humor takes...a few i can handle  .
EDIT: on a Spring break, sorry for too many posts...logging off now.

[Hueristic]

Finally got to Good Luck Have Fun Dont Die , was a good flick.

Cool...I am going tomorrow to see the Project Hail Mary...the book was great, the only concern is if they will ask Gosling to do too much of his humor takes...a few i can handle  .
EDIT: on a Spring break, sorry for too many posts...logging off now.

was good. :thumbsup:

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com