oh yeah i've made my mentions badhttps://twitter.com/matt_levine/status/1145764967750279169 …
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Matt Levine Retweeted James Foust
all these people in my mentions being like "i buy everything with bitcoin," how do you track your basis and report your gains to the IRS?https://twitter.com/jtfoust/status/1145796200475582464 …
Matt Levine added,
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Replying to @matt_levine
Corollary to your original point: No one who has ever paid for anything in bitcoin has correctly reported it to the IRS
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Replying to @MrJaeger00 @matt_levine
This feels to me like it would be less extraordinary if Bitcoin were not an investment asset. Theoretically speaking, an American living in Japan or visiting the UK also generated a reportable event on every transaction, but de minimis non curat lex.
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(Every time I’ve discussed this with accountants I get a variant of “Tax practice is a balancing act of taxpayers wanting to be mostly compliant and the IRS wanting to maximize efficient collection w/o getting yelled at by Congress : the public for their enforcement actions.)
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