Had to add all my crypto to my taxes, damn that is a painful process. There are online services that helps with that part, so I use that to help. but I have transactions all over the place, so it takes a lot of time. But now it’s done for this years tax report :)
@stigatle@yarn.stigatle.no does having and using cryptocurrency make your taxes complicated to file? 🤔
@prologic@twtxt.net yeah. Everything else on my taxes are already folled in. For crypto you need to add each and every transaction. The online service I use has api to each major exchange, pulls the data and crunches the numbers for you though. The problems start when you use decentralised exchanges or unsupported wallets etc. Took some hours to sort out on my end. But now I do not have to worry about it. 😀
@stigatle@yarn.stigatle.no i’m also very curious, what do you actually use cryptocurrency for? I never really got into it only in the earl days of some bitcoin mining and then I gave up after I quickly realized how much of a big, massive pyramid scam the whole thing really Wass 🤣
nothing against the actual technology, a distributed ledger, keeping track of transactions amongst friends in an orderly and agreed-upon manner and exchanging tokens for goods and services.
The general capability is quite compelling. If only it was actually use that way.
@prologic@twtxt.net The one I actually use for something is Monero. I also mine it (asic resistant, mined with cpu). The others I just put some savings in every month. The whole pyramid scheme thing - I do not think much about honestly. Crypto is here to stay, won’t go away. And for me it’s better then stocks because I know nothing about stocks and such. I do not put much into it. I also had some NFT stuff that I minted - which I sold for 10x the price later on, but honestly - last year I gained as much as I lost, so it evened out to almost 0.
@stigatle@yarn.stigatle.no Haha oh well as long as you had fun doing it 😆 Stocks are quite speculative too but have a a stronger backing if you invest for the long haul.
@prologic@twtxt.net The good thing here at least is that you get back on your taxes if you loose money, so that helps a bit, and if you buy mining gear you can write some of the cost up as well etc. So it’s a pretty nice that they have done it that way here. The only downside is what I mentioned already - the complexity of filing it all.