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Happy New Year: $600 Federal Threshold for 1099 Reporting
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<p>[QUOTE="Hiddendragon, post: 8138856, member: 25270"]Regarding the above comment, I've been wondering about this. You only have to report your profit, but what if you have no way to accurately determine that? I don't keep track of what I paid for individual coins. I want to follow the law but I want to be fair to myself too. I should just be paying tax on profit, not gross income. And would you ever be asked to prove it? Without itemized receipts you could never do so.[/QUOTE]</p><p><br /></p>
[QUOTE="Hiddendragon, post: 8138856, member: 25270"]Regarding the above comment, I've been wondering about this. You only have to report your profit, but what if you have no way to accurately determine that? I don't keep track of what I paid for individual coins. I want to follow the law but I want to be fair to myself too. I should just be paying tax on profit, not gross income. And would you ever be asked to prove it? Without itemized receipts you could never do so.[/QUOTE]
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Happy New Year: $600 Federal Threshold for 1099 Reporting
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