ODELL (nprofile…qft7) RE: RHR comments on capital gains.
The issue for me isn't that I pay taxes on my gains (although that should go away).
The issue is figuring out the bullshit required to report it. I have to manually keep track of every buy and sale to calculate cost basis. That's a ridiculous amount of effort for me when I get paid in fiat. It's much simpler to just give the fiat to my fiat bill collectors and put the rest into Bitcoin.
To convert it all into Bitcoin (for a fee) just to spend it (more fees) and deal with a bunch of math is asinine (under US tax code). Each transaction requires a form on taxes as far I could tell.
I would eat the fees if not for all the time spent on taxes. I plan to figure out a system this year, but there is more to this issue for some of us. Will investigate private, offline software as well.
The most likely way I'd handle this is that I'd still do larger sales for chunks of fiat, putting me right back where I started. I'm not doing this for small purchases. It's too ridiculous to do manually.
Matt - Strategic Bitcoin Reserve Czar
npub1l6…uj5rc
2025-04-05 11:25:23
Author Public Key
npub1l6scds4yv7xmcsmhqnhdy9sggm520q09lvts2m5mkvecgr2mmmeqsuj5rcPublished at
2025-04-05 11:25:23Event JSON
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"content": "nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qyt8wumn8ghj7un9d3shjtnswf5k6ctv9ehx2aqpr9mhxue69uhhxetwv35hgtnwdaekvmrpwfjjucm0d5klqft7 RE: RHR comments on capital gains.\n\nThe issue for me isn't that I pay taxes on my gains (although that should go away).\n\nThe issue is figuring out the bullshit required to report it. I have to manually keep track of every buy and sale to calculate cost basis. That's a ridiculous amount of effort for me when I get paid in fiat. It's much simpler to just give the fiat to my fiat bill collectors and put the rest into Bitcoin.\n\nTo convert it all into Bitcoin (for a fee) just to spend it (more fees) and deal with a bunch of math is asinine (under US tax code). Each transaction requires a form on taxes as far I could tell.\n\nI would eat the fees if not for all the time spent on taxes. I plan to figure out a system this year, but there is more to this issue for some of us. Will investigate private, offline software as well.\n\nThe most likely way I'd handle this is that I'd still do larger sales for chunks of fiat, putting me right back where I started. I'm not doing this for small purchases. It's too ridiculous to do manually.",
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