2018 US Taxes

[BTC Turkiye]

When you claim your starting Bitcoin amount for your US taxes as a day trader.

1- Can you say it was gifted to you? if so what is the tax amount on that?
2- Can you say you inherited it from a relative overseas? if so what is the tax amount on that?
3- If you say you bought those bitcoins, Is it better to say you bought them at a high rate or a low rate?

My accountant said that we have to tell IRS how much you paid or how did you get those Bitcoins first, before we start working on the transactions as a day trader.

So can someone give me an advise on what to do to maximize my tax returns?

Any help will be very much appreciated

[zoom_rich]

How did you buy your Bitcoins. I think you just have to pay on the profit you made. So if you put in $2000 worth and took out $2000, even though the value of Bitcoin is much higher than when you bought the $2000, you don't  have to pay taxes on that.

That's what I'm assuming, but it's just an assumption.

[k_kuchkarov]

It's better to say that you bought them at an expensive rate!
Since when the taxation will be calculated, it is taken from the profit.
If you bought bitcoin expensive, but its price has fallen, then you do not have an income, you have a loss, of course there is not much to pay!

[BTC Turkiye]

It's better to say that you bought them at an expensive rate!
Since when the taxation will be calculated, it is taken from the profit.
If you bought bitcoin expensive, but its price has fallen, then you do not have an income, you have a loss, of course there is not much to pay!

But then they`ll ask for a proof of that purchase. Can I just say I bought it from an individual and there is no proof?

Also why should I not just say it`s a gift from a family member?