Replies to post #29884 on Ripple (XRPUSD)

[KC01905]

Check out what creates a taxable event (VERY INTERESTING) and then look at how they work with crypto. It’s not based on a moving average but first in first out price dependency model. You’ll see as you go through it. Very interesting. They (IRS) also has a new division specifically on the hunt for gains unreported. When crypto was a small industry you had a shot of hiding some of it but now that it’s a multi trillion dollar industry not so much. And she wasn’t like a hard ass. Just gave me good honest advice and was surprised I knew so much. Thanks to this crew … we’ve made a good little community.

[la_trader]

FYI...the more people that answer "YES" to that IRS question on "have you owned / bought / sold virtual currency" the better- because it is an ass-stupid vague question. and tons of folks answering "yes" will make it non-helpful to the IRS. Plus, you do also legally cover your ass.

So get this- if you used Mileage points from your credit card, or any type of digital coupon BedBathBeyond etc.., then "yes" you have owned / bought / sold virtual currency.

No B.S on that, any type of digital representation of monetary value is 'digital currency' .

IRS is still smoking crack.