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3 sats \ 2 replies \ @SatoshiTutor OP 28 Nov 2022 \ parent \ on: USA Tax Laws on Satoshi Tracking Seems to Suck, Any Tricks? Is USA the only one? bitcoin
thank you for this reply that clarifies
I feel like my next step is to figure out how to track the satoshi entries, their value at the moment of receipt, then the value of the moment I spend them
if on lightning and transactions are private, then I'm wondering how I will do this? any clues or insights?
I want to help more USA solopreneurs and freelancers get involved in the bitcoin circular economy and want to make sure I'm not sending them into accounting hell
thanks so much for your time and help
Maybe ask here ?
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this link was fantastic insight. For others who may read this thread - it is on laws that make it difficult to comply with. A person can not comply with a law and challenge any penalty (if enforcedZ) through a jury trial. This article discussed a lot of weird laws that make it almost impossible to comply with.
My initial thoughts would be to track balances of lightning wallets at the start and end of year, documenting where large, easy to track deposits come from or large withdrawals went to. Screen capture wallet history (like here) when available.
Since I tutor others on how to use bitcoin and now getting into Lightning, it feels like I should have some logical system to address the IRS.
appreciate the link mucho!
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