Hi all, new here I don't have the link for it. But there's a draft of the new 2020 tax form and a question on the first page asking if you acquired any "virtual" currency during the year.
I have a question about that. There's a couple of wallets I have on faucet sites where I've earned interest and per-task transactions. One of them, however, is very difficult to find out my 2020 totals. It has a stats page but it only gives totals (as in lifetime totals). It doesn't break it down on a year by year basis. And I've had the account for years. But I don't remember what my balance was on Jan 1st. So I can't figure out how much I "acquired" for the year 2020 only.
Any suggestions on what I should do?
About the cryptocurrency question on the new 2020 tax form
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The Cryptocurrency Discussion forum is complementary to Bitcoin Thoughts and is a a place to discuss shorter thoughts about bitcoins, altcoins, and cryptocurrencies.
Topics may include bitcoin prices, outlooks on altcoins, cryptocurrency development, economics, and more. Feel free to share outlooks on other things as long as the major focus is on cryptocurrencies. Announcement posts are prohibited in this forum; review the rules in the other Prohashing forums for the best place to post your announcement.
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Re: About the cryptocurrency question on the new 2020 tax form
If you have enough in a wallet at a faucet site to matter you should withdraw it - I would not trust any faucet site to hold more than a token amount of anything.
If you have been doing things right and declaring it each year you can do a subtraction from what you declared in previous years.
I am not qualified to give tax advice...but...if it were me - if it were any significant amount of money I would consult a tax professional. If the wallet contained a small amount, like $5.00, and I had not declared it I might declare the whole contents of the wallet as income in this year.
The cryptocurrency question on your tax form is really just another box to check - it does not modify
the obligation to declare cryptocurrency income on your taxes.
If you have been doing things right and declaring it each year you can do a subtraction from what you declared in previous years.
I am not qualified to give tax advice...but...if it were me - if it were any significant amount of money I would consult a tax professional. If the wallet contained a small amount, like $5.00, and I had not declared it I might declare the whole contents of the wallet as income in this year.
The cryptocurrency question on your tax form is really just another box to check - it does not modify
the obligation to declare cryptocurrency income on your taxes.
Re: About the cryptocurrency question on the new 2020 tax form
I don’t know if I will help you with your question since I’ve never dealt with cryptocurrencies before. I used to work in an office, and I also had to calculate taxes at the end of every month. This routine used to irritate me. I couldn’t handle it anymore, and I decided to find a pay stub generator. After some searching, I was able to find ThePayStubs , and it was the best pay stub generator I’ve ever seen. Ever since that day, my life has become less complicated, and now I use the generator not only for work but also for myself. It saved me at the time, and I’m still using it till now. I think that it is really important for you to use it and for everyone else too.