If you're declaring taxes, how are you doing so?

[Cuddles]

Seems like there's conflicting government definitions. On one had, IRS says it's property, so capital gains are subject to either long (if held more than a year) or short = ordinary (if speculated on or exit via stop loss). Not to mention wash sale nightmares.

The CFTC ruled it a commodity, which means 60/40 tax rule and no wash sale bs.

so how're you doing it? I'm US based so it's increasingly difficult to obtain crypto w/o leaving bread crumbs for Uncle Sam.

 

[nonlinear5]

so how're you doing it? I'm US based so it's increasingly difficult to obtain crypto w/o leaving bread crumbs for Uncle Sam.

I only trade futures, so it's just a single figure to report: total gain/loss. With stocks/etfs, it's a pain, because every sale has to be reported separately, and categorized as long/short term, wash sale, etc.

 

[speedo]

Futures trades can be filed at a favorable 60/40, stocks can be filed as M to M but the election has to be taken as such.

 

[Cuddles]

Futures trades can be filed at a favorable 60/40, stocks can be filed as M to M but the election has to be taken as such.

What if I'm not a 'trader' w/MTM benefits? Can I still elect just like in a forex spot trade?

 

[speedo]

What if I'm not a 'trader' w/MTM benefits? Can I still elect just like in a forex spot trade?

I don't know anything about the spot currency market, best to check with a tax CPA or attorney.

 

[Cuddles]

I only trade futures, so it's just a single figure to report: total gain/loss. With stocks/etfs, it's a pain, because every sale has to be reported separately, and categorized as long/short term, wash sale, etc.

Best site to trade crypto futures? Bimex?