Bitcoin and taxes

[yeahbuddy289]

Doing taxes today I was asked if I had any Bitcoin. Never been asked this before. I do have some, I don’t invest in it or anything, just buy enough at a time to cover my orders, so all I usually have in my “wallet” is around $20-100 depending on the market at the time. I just told them no I don’t have any as I don’t even know how much I have, I only login in and check it when I’m making an order, which I haven’t done in a year or so. Are you guys that use Bitcoin strictly for orders reporting essentially the “change” in your wallet for taxes?

[Honkey_Kong]

Doing taxes today I was asked if I had any Bitcoin. Never been asked this before. I do have some, I don’t invest in it or anything, just buy enough at a time to cover my orders, so all I usually have in my “wallet” is around $20-100 depending on the market at the time. I just told them no I don’t have any as I don’t even know how much I have, I only login in and check it when I’m making an order, which I haven’t done in a year or so. Are you guys that use Bitcoin strictly for orders reporting essentially the “change” in your wallet for taxes?

They don't care about $100. They specifically mean the people who are investing in crypto. But even at that, it's kind of an "on your honor" type thing (unless you're buying houses and cars that are way beyond your reported means). But yeah, I only use crypto to buy things online also. I see investing in crypto, just like investing in stocks or bonds. It's just gambling and the system is rigged so you don't win in the end.

[< <Samson> >]

Lol

I never got into crypto when I should have - oh well

But, you can tumble out millions without a trace < just sayin. . . Wish I had it atm

[Euroholic]

With the coming hyper inflation and economic collapse some forms of crypto is good to have. As well as gold and silver.

Anyone that keeps large amounts of fiat currency in their bank account is a fool. By doing so you are losing purchasing power everyday due to inflation and when the hyperinflation kicks in you will lose it all very quickly.

[Bio-Active]

If I remember right it asked if you sold any Bitcoin. If you are using the atm it’s not connected to you

[< <Samson> >]

With the coming hyper inflation and economic collapse

U thinking worldwide? Or?

I am(more like was) an economy major & I can’t grasp on wtf is going on.

Cryptos show no stability either - it’s like “where do I put my money for it to be the safest” - and, everyone has a different opinion

I usually stuck to the USD to GBP values - but, USD is holding on. . . I just don’t get it

Let alone have any idea on where to cash in on next

[Honkey_Kong]

With the coming hyper inflation and economic collapse some forms of crypto is good to have. As well as gold and silver.

Anyone that keeps large amounts of fiat currency in their bank account is a fool. By doing so you are losing purchasing power everyday due to inflation and when the hyperinflation kicks in you will lose it all very quickly.

Crypto is another form of fiat. Hell, gold only really has monetary value due to proclamation (I get there are jewelry uses and electronic uses for it). If we didn't agree that gold represented "wealth," it'd be essentially worthless. In a economic collapse, that proclamation won't matter much and gold will just be a useless object. The thing to invest in is yourself. Even after economic collapse, people are going to need tools repaired/made. People are going to need food and alcohol and other things. If you can provide those things with your labor then you have something of value to trade in a collapse.

[< <Samson> >]

Even after economic collapse, people are going to need tools repaired/made. People are going to need food and alcohol and other things. If you can provide those things with your labor then you have something of value to trade in a collapse.

Kinda how I got through the last “recession”

Lost my easy $ ass job - threw all my tools in the back of my camaro & hit the streets turning wrenches out the back of my car

Then I realized how nice it really was not working for anyone else

[yeahbuddy289]

Kinda how I got through the last “recession”

Lost my easy $ ass job - threw all my tools in the back of my camaro & hit the streets turning wrenches out the back of my car

Then I realized how nice it really was not working for anyone else

Would love to open my own shop someday. I don’t have the balls to do it though lol

[< <Samson> >]

Would love to open my own shop someday. I don’t have the balls to do it though lol

The shop is taking a beating

We can’t keep up with the new shit & new cars are being pushed down people’s throat that include 5-10 year warranties

We can’t really work on anything newer than 17-18. . . Dealers & large scale shops took over. I don’t know how much longer the shop will be profitable at all.

Kinda y I am diversifying as much as possible, between towing, scraping & still working on some cars - waiting for this darn economy to collapse to just start repping cars.

Or - I’m just gonna finish school & go back to work < but, after being your own boss, taking anyone’s shit all day long just doesn’t sound exciting

[yeahbuddy289]

Oh you don’t have to tell me about warranties lol Even those aftermarket warranties that pay “customer pay” labor times are a joke and even worse than OEM warranty. These new vehicles are getting ridiculous and I think it’s only a matter of time before the few technicians that stick around are worth their weight in gold.

[< <Samson> >]

I think it’s only a matter of time before the few technicians that stick around are worth their weight in gold.

You don’t even know

If my guy ever walks(which unfortunately, I feel is just a matter of time) - we’re done. . . He runs all of my diagnostics & heavy line labor. But, we’re both getting older & it’s just beating us up. I take a on about 30% of the labor/diagnostics & he does the rest. Just brought him a truck in last week - I couldn’t tell what the noise was, he listened to it about 5-10 seconds of it running & diagnosed a rod knock - saving me thousands

[Swilderbeast]

You don’t even know

If my guy ever walks(which unfortunately, I feel is just a matter of time) - we’re done. . . He runs all of my diagnostics & heavy line labor. But, we’re both getting older & it’s just beating us up. I take a on about 30% of the labor/diagnostics & he does the rest. Just brought him a truck in last week - I couldn’t tell what the noise was, he listened to it about 5-10 seconds of it running & diagnosed a rod knock - saving me thousands

Are you referring to the passenger market? Or the heavy duty? I’m in the dealership world for a major player in the long haul game. We are KILLING IT!!! Ever since COVID started, it fell off that first month when no one knew what was going on, but then everyone started ordering everything on line and trucking has been boomtown ever since. I have many friends that have gone out on their own some do well some fail. I can’t leave the dealership life, I’m highly trained in a few specific areas, at this point I pretty much call my own shots as if I run my own business. There’s ZERO talent coming in to this industry so they just keep paying those who are in it more and more. I can’t complain really much. Other than I agree my body is falling apart pretty quick and probably the main reason I decided to start using gear. Hoping increasing strength at 40 y/o will help prolong my career.

[< <Samson> >]

Are you referring to the passenger market? Or the heavy duty?

All we have done is passenger, bumper to bumper - I always knew heavy duty & industrial is a whole different ball game, and pay

But, the physical beating at this point is definitely not pointing me in that direction

[Swilderbeast]

All we have done is passenger, bumper to bumper - I always knew heavy duty & industrial is a whole different ball game, and pay

But, the physical beating at this point is definitely not pointing me in that direction

I don’t blame you. I’m 40 and hoping to make it another 20 years

[< <Samson> >]

I don’t blame you. I’m 40 and hoping to make it another 20 years

I’m 41 & hope to make it another 2-3

I’m really considering going back to office type work just because my body is telling me to. 15 years ago I was running cable like nobody’s business - today, compared to then - I feel slow as molasses

Let alone it’s a fucking miracle that I can do the work that I am still doing post a brain hemorrhage

[Aristafon]

I guess the question is whether you have to pay taxes on crypto. The IRS classifies (still) crypto as a type of property rather than a currency. If you receive Bitcoin as payment, you have to pay taxes on its current value. If you sell a cryptocurrency for a profit, you're taxed on the difference between your purchase price and the proceeds of the sale. So if you are new to cryptocurrency, I would not recommend getting into it right now. Better find a metatrader multiterminal that will help you create a passive income.

[Ol_Wolf]

Buy Pre 1990's and you no longer have to worry about a computer. I've got my gear banging 1963 Corvair and then the 1963 Impala SS convertible is in the shop getting a full restoration. No computer needed to work on these! A good Dwell meter and timing light along with a good set of Craftsman wrenches and short of needing a hydraulic press the car has nothing I can't fix! I can even rebuilt the engine or transmission for cheap compared to cars today!