[BT®] My big toe says a shitshow's a' comin'!
How many kazillion conversions from "crypto" to "dollar" of some sort are there out there already? When I buy a pack of gum using my Centralized Exchange Visa Credit Card, that's a taxable event, right? I get a nice report I am sure, but it stands, does it not? I'll get a convenient number that I input and write a paper cheque to the government and put it inside a paper letter-holder, lick it, scratch their location runes onto the outside with ink, and then send it, right? Or maybe I can swipe now? I don't know.
I freely admit I don't know all the important tax lore. I wonder what kind of point-of-pride it is to know when to fill out the forms and what forms to fill out and what kind of magical legal entity to transform into and what Tax Master trick you know to save on your valuable tokens.
You mean to tell me there are secret tax tricks? Like a specialized kind of knowledge? Why would it be specialized, are we bad at communicating knowledge here? Wow. Wee. That sounds like a fantastic system. How do I get my black belt?
So, foo point bar Million people in their teens or barely now suddenly have expensive "tax professional" level tax problems. All those new forms to learn about.
Or not. Does everyone have a very clear idea what to do when tax season rolls around? Hmm? Do you know which things, if omitted from your taxes, are a crime? Wazzat? Do you know? Aren't there some kind of reporting requirements or some thing like that? Gee, I bought that $9000 gas powered remote control lambo. Do I pay taxes? I never switched into dollars, I just traded X crypto for it?
All at once! Quite a few people! With the advent of the season!
I suppose maybe these are dead-simple calculations. Coinbase sends you a piece of paper, maybe a fax or telegram, at the end of the year. It goes to that one apartment you lived in 3 apartments ago. You know the one.
And all you have to do is fill out this one extra special new form and write in (with an ink stick) the numbers Coinbase calculated for you. Or...does it work that way? Do you know? Does Coinbase or Polywhatever just send you a report for all the times you bought/sold USDT straight to the IRS? Or wait, does that count? That's just another token. But coinbase let's you "sell" for USD instead of "trade" for USDT. Is that different?
You can go back and look at the logs of any exchange you like and see how accurately or reliably USDT -vs- USD has been. It's always been around +/-0.1% ...? Well, then exactly how is it different from "selling" that for fed-tokens?
Do you know what kind of running around for thuh tax man you'll be doing April 2022? Or is it only due the next year? Didn't some law or other say that it was 2023? Didn't I see that on
Or, likely, are people going to just shrug and see what happens. Do they all get an angry letter from the IRS? Then the all go visit their HRBlock office?
"Hello, welcome to HRBlock!"
"Yes, I sold cryptocurrency..."
"Sorry, sir? Sir. I'm sorry to interrupt you, you're going to need to call the IRS and ask them what you need to do. We don't handle the blockchains."
Shame on me for not knowing myself, eh? All those fancy words, but he doesn't even know about 27B/6.
They've got a plan all this? You got a plan for all this? Just like shorters of Gamestock totally had a Black Swan plan for when the whole fucking thing flips upside-down and surprises everyone. If it weren't for those meddling kids!
What if we're lucky and 2022 goes smoothly. Are you "in the know" and bullish on crypto and all that stuff? Well, it is booming, that's for sure. Are we done seeing 900% annual increases?
I know everyone isn't a crypto kajillionare, but I also doubt they advertise themselves much.