Crypto-Tuesday, September 19, 2022 – Hey taxpayers, If you’re messing around with this Bitcoin and other digital money, you better brace yourselves. The government wants their cut too, and they’re real serious about it.
So here’s the thing: end of the year comes, and WHAM! You get hit with a ton of these 1099-B tax papers (soon to be 1099-DAs) What’s a 1099-B? Well, it’s a paper that says how much you made or lost trading stuff. And guess what? Every place you traded crypto is gonna send you one. So if you’re trading a lot, or using different apps to do it, you’re gonna have a mountain of papers to deal with. I have clients who received 100’s of 1099-B forms in one year!
Don’t think you can get just any brainiac with a calculator to figure this out. This crypto tax stuff is like the Wild West, and you need someone who knows the ropes. So get someone who really gets how digital money taxes work.
And here’s the kicker: some of these trading places don’t even send out 1099-Bs. So you gotta be real careful, or you’re looking for trouble with the IRS. My old man used to say, “Time is money.” So use your time wisely and get to know how taxes work with this crypto stuff.
Hey, I know it sounds like a headache, but life ain’t always easy, right? This is part of the game if you wanna get rich and keep your money safe. Just remember, the taxman always wants his share, so you better be ready. It’s not just about making a quick buck; you gotta be smart about keeping it too.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649
