Will this mean that I won’t need to report every single transaction on my tax returns?
It would be real useful to use crypto for international money transfers.
this post was submitted on 31 Jul 2025
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hopefuly not, the IRS needs some way to track income based on the fluctuating value of crypto. yall gotta pay taxes like the rest of us.
It’s not about avoiding taxes, it’s having to submit every single transaction you make in crypto on your tax forms. One year I had to manually compile hundreds of transactions. Only for the irs forms to show their of a net loss and no taxes needed to be paid.
I wasn’t using it as an investment, so I didn’t care about the loss, which was under $10 anyway.
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Crypto should want more regulation and they should want the public educated on why this makes crypto safe.
Crypto is already largely seen as a scam, one that many privately mess with, but this won’t help that perception.
Edit: Dude, I never implied it wasn’t a scam. That goes without saying. I was merely stating what I sense public perception is.
Crypto is already largely seen as a scam,
It's more than seen as a scam.
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I feel like there was a time when we messed around with unregulated banking before.
I don’t remember what happened though…
Huh. Oh well.
Hey, yaknow what’s a funny word? “Contagion”. Hehe. What a weird word.
What was I saying? Eh, it’ll be fine.
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The only surprising thing is they didn't also whisper, "We're gonna get so stinking rich off this!" at the same time.
Crypto makes it easier to launder dirty money