how tf do i file for tax

Made $200 dollars this year but Koinly is saying I made $40,000. How the fuck do I file my taxes bros this is retarded

  1. 1 week ago
    Anonymous

    It’s probably saying you did that much in transactions, not profit. Goybase reported the same thing when I turbotaxed last year. I made around 9k, but it showed something like 200k in transactions. I only owed on the 9k.

    • 1 week ago
      Anonymous

      nah Koinly specifically says 40k in realized gains. Strongly considering jumping off a bridge rn

      • 1 week ago
        Anonymous

        >rn
        Do a backflip

  2. 1 week ago
    Anonymous

    You sound like you are new to paying taxes.
    Turbotax is a ghost of its former self but when you file, it will recommend different apps that can create a CSV file for your taxes.

    Find the cheapest option (usually about $60 for a year) and have them spawn a CSV for you and then attach it to your taxes.

    If everything checks out, you can basically file as normal and not have to worry about it unless you are a big dick swinging day-trader, in which case you should already have an accountant.

    • 1 week ago
      Anonymous

      big dick swing trader, accountant is ancient tho so i assume wont be able to handle this shit. its all on BSC and half the fuckign coins dont have stupid fucking price data anymore, I have no fucking clue how im gonna work this shit out

      • 1 week ago
        Anonymous

        When I tried to use cointracker it did the same, considered all movements as sells even though I just sent them to another wallet. cryptotax dot com worked for me. If that doesn't work you'll either need to spend money or do it by hand. You could try not paying or just taking a guess with
        current cash/total port = x/initial and then
        current cash - x = taxable gains.

  3. 1 week ago
    Anonymous
  4. 1 week ago
    Anonymous

    >Koinly
    OH GOD NO WHYYYY nagger just don't report it, like anybody has ever heard of koinly. Also, you're a big dick swing trader who made $200? pffft hahahaha

    • 1 week ago
      Anonymous

      ive traded over 200k worth of moneys and yes, only made 200 dollars

      • 1 week ago
        Anonymous

        That's not enough for the IRS to even bother with you. I would honestly just not report it, and if anything happens just say everything you've said here and they'll fuck right off. My gf tried to report a similar amount to HRBlock this year when she did her taxes and they told her it wasn't even worth it to report.

        • 1 week ago
          Anonymous

          but the volume of money ive traded in my country (UK) means i have to report it i believe

          • 1 week ago
            Anonymous

            Then report it and say you only made $200. I mean, does this Koinly shit give you some kind of spreadsheet or list of your trades? Should be easily provable as a giant nothingburger to your taxman if you have any documentation whatsoever.

            • 1 week ago
              Anonymous

              yes i made $200 in reality but this retarded stupid fucking shitty software is saying i made 40k and I want to go thru 2000 fucking stupid transactions to find out where its gone wrong. this shit is too retarded bros

              • 1 week ago
                Anonymous

                Just don't report it, make them waste time and money coming to you on some wild goose chase only to find out you owe them like $30.

              • 1 week ago
                Anonymous

                This pretty much, I dont do takes at all (I dont even make enough "income" technically, after 15 years when the man finally came I owned like... 70 dollars?

      • 1 week ago
        Anonymous

        Nvm if you only made 200 just don't report it lmao

  5. 1 week ago
    Anonymous

    don’t do shit, koinly is fucking trash too

  6. 1 week ago
    Anonymous

    fucking vampires, man

  7. 1 week ago
    Anonymous

    You might be ok just reporting it as various trades that profited you $200. Just one line. Though the worst thing that could happen is they come back saying you owe 200k which will put you back to square one.

    Koinly is probably saying some of your depot's/withdraws are trades. When you first import your transactions there will be issues like that. You'll have to fix them manually. Also make sure you imported every wallet and exchange.

  8. 1 week ago
    cryptoprenft

    For each cryptocurrency asset, such as ETH, ADA, and Bitcoin, Koinly will determine your cost basis and apply the appropriate taxes. Each capital gain or loss from your disposals, as well as your cryptocurrency income and expenditures, will be calculated by Koinly.

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