60/40 rule?
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Lmao. I’d definitely leave some extra cover in case the accountant fucks up the treatment
End of conversation
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It ends in Jersey
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It's not a mystery. You take the avg. spot cost basis for the BTC collateral, you deduct losses as a sale at $0 from that cost basis. You add new BTC cost basis when you get BTC as PNL, in addition to realizing a gain on the USD value at settlement. Software can handle it.
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You’re about to learn the painful truth about IRS Form 6781.
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Hopefully you weren’t holding any unrealised gains at year end. Otherwise… ouch.
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Don’t you just take sale price minus the cost basis?
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I have no idea, that’s why I pay someone else to do it.
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Short term capital gains. Just dump a list of trades and pay the difference
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