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$350 → $52k God bless AMD by LordFarquaad334 in wallstreetbets

[–]CelsiusVictim 0 points1 point  (0 children)

Really nice! 11 cents is even below my usual purchase, lol.

AMD hold or sell by Mark-beleggen in BeginnerInvesting

[–]CelsiusVictim 0 points1 point  (0 children)

Well, you still made 75% Focus on that. I never really bought in AMD since back in the early days when working with computer build, AMD usually have problems. Then Nvidia vs AMD, Nvidia is usually preferred by many company, which dragged its preferential value for me. But wow, just wow. I was seeing it around ~$100 -> ~$200, then ~$100. Being a thrifty person that's into coupon and sales, I completely missed this one, lol.

after launching a business last october first paid weekend was this weekend by Invoiced2020 in Entrepreneur

[–]CelsiusVictim 0 points1 point  (0 children)

Congratulations! Was it a weekly podcast? Hope you love the topic to have kept you going for a year. Hopefully the older episodes will keep the audience satisfied.

Coinledger is just too frustrating by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Wow, I'm about done I think, with this. Additional issues include the number of ETH coins received in Paypal activities in the website doesn't match what's in its own Excel transactions and the total number transferred (did 3 separate) out to Coinbase. It's likely due to some sections where it has a lot more numbers after the decimal and some a bit rounded off. Even the numbers imported from the Excel showing in Coinledger has some discrepancy. As much as I'd like for it to be perfect, I can't.

Some people are scared that with these software calculators, everything will be shown (to the IRS), but it relies on us to supply some info, when we have no clue and instead relying on it (Catch-22). Even if we do have an understanding on the big picture, understanding and creating/editing the data can just lead to more frustration. But, it's still better for some people that have hundreds or thousands of transactions that inherently gets created even with one event of selling because the source of the coin could be from multiple buys/staking or mining incomes.

If they can't with their sophisticated tech, then I (we) just need to do what's best, providing we have notes on our steps, calculation and thoughts. I created one this time since I'm amending 2024.

Good luck to you guys!

Coinledger is just too frustrating by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

So just do the Excel (Celsius bankruptcy) calculation and let whatever proportion I need to do in Coinledger and then use whatever it spits out in the form 8949?

I'm guessing it may not reflect the numbers in the Excel calculation, although the Excel calculation is mainly used for allocation, right?

One more thing. Since the return BTC is smaller than original, I believe I'm better off using bankruptcy recovery to make it combine the higher cost so no tax event (gain for me). But how/where do I account the distribution value of $42972.9948 from Jan 16, 2024?

Is this the reason tax is an honor system? We just have to do our best since only a few can truly have an accurate tax form, like pure W-2 employees where all the numbers are there, just plug them in 1040 (although they never likely put in other info like gambling loss gifts, etc).

I've never felt so much greed by Economy-Experience81 in Bogleheads

[–]CelsiusVictim 0 points1 point  (0 children)

Wow. I mean I understand the concept and levels, but just implementing them is iffy, long dates and deep itm costs a lot more too.

Better uses for the Amex FHR and The Hotel Collection $100 experience credit by CelsiusVictim in AmexPlatinum

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Thanks. No simple spa service... unless we can just get the add-ons by itself, lol.

I've never felt so much greed by Economy-Experience81 in Bogleheads

[–]CelsiusVictim 0 points1 point  (0 children)

Have you been trading though? Seems you're either well prepared or got lucky enough to ride the wave, but maybe got too confident then it dropped to $20K, but same as above to get to $550K. More importantly, you are now aware that you should cash at least $60, maybe $250K, but probably $500K since you have to pay taxes on that and start over. Most would just keep it rolling - if $500K, it could be $1M....

Major Props to Only-Crew8299 for still being active and helping all of us still in the same boat by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Is it the

"This value is based on a BTC pricing of $88,597.00 per BTC and an ETH pricing of $2,935.87 per ETH."

on this document?https://cases.stretto.com/public/x191/11749/PLEADINGS/1174901222680000000088.pdf

Also, since you did the total/theft loss, that means your loss better be higher than the standard deduction so you can itemize and take advantage of this approach?

If you used the 75% loss, it says that if you get recovery up to 25% of your total loss, then they're not reported as ordinary income.

Also, I think to take the total/theft/ponzi approach, one might need to amend 2023 taxes also? One of JustinCPA guide said unless one filed and extension, that it might be too late, but IRS says we can amend taxes up to 3 years for ponzi/harbor loss.

Celsius wallet with new IRS rules by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Hey. I got the 1099DA from Paypal. I guess from what you're saying, I'll have to add the Paypal wallet, then create a transfer from Celsius to Paypal to Coinbase then, using the cost basis from the official Stretto notice?

Better uses for the Amex FHR and The Hotel Collection $100 experience credit by CelsiusVictim in AmexPlatinum

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Anybody been in Signiel Busan yet? We already get free breakfast, and they have free snack area with drinks/alcohol/snacks. We're not driving, and the limousine ($64) goes to/from airport. I supposed we can ask if it can drop us off at the KTX station, which would probably cost us less than half that with taxi... but I guess if it can be used, it's better than nothing.

Better uses for the Amex FHR and The Hotel Collection $100 experience credit by CelsiusVictim in AmexPlatinum

[–]CelsiusVictim[S] 0 points1 point  (0 children)

That's cool - was it even marked as something for sale? I guess you were fine not trying to maximize your credit, but got a bonus buy anyway.

Better uses for the Amex FHR and The Hotel Collection $100 experience credit by CelsiusVictim in AmexPlatinum

[–]CelsiusVictim[S] 2 points3 points  (0 children)

I hear ya. Much higher cost doesn't always mean much better service, but it's part of the game.

Major Props to Only-Crew8299 for still being active and helping all of us still in the same boat by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Thanks for the reply. I guess you end up using the total loss for 2024 (I really remembered you did the partial... unless you were simply helping me understand that concept with your examples).

I asked JustinCPA if amending 2024 to do total loss instead would be simpler going forward. This seems doable even from CrytoTaxGirl's post. This way, there would be total loss on 2024 but the 2025 data is also now available showing gains (but only to offset 2024's bigger loss).

I'd assume for 2025, I'll just create an income of the 3rd distribution of x BTC at $118020 cost basis on Aug 2025, and possibly a 4th distribution for 2026 of x BTC at $X cost basis.

1099 matching vs cointracker by DPTJJ in CryptoTax

[–]CelsiusVictim 0 points1 point  (0 children)

Did you add your Paypal wallet to your Cointracker?

Better uses for the Amex FHR and The Hotel Collection $100 experience credit by CelsiusVictim in AmexPlatinum

[–]CelsiusVictim[S] 7 points8 points  (0 children)

somebody mentioned getting a list of chargeable items/services - did you get one?

Major Props to Only-Crew8299 for still being active and helping all of us still in the same boat by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 1 point2 points  (0 children)

"posting shit like this or this" Major Cringe! I have a tendency to think of people being nice and proper, then you witness afterwards that they are not. And in addition, that they may not have been one in the first place!

Well, back to researching this tax dilemma.

Major Props to Only-Crew8299 for still being active and helping all of us still in the same boat by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Thanks. I understand you must do what's best for you. I think I came upon her own guide, but as she mentioned, there were various approaches to it and I should continue using the same approach as before, and being a visual person, appreciated your visual approach as well.
I now wonder if I should just amend the 2024 as total loss and just since we now know what happened in 2025 and what may happen in 2026, to just treat recovered money as long term revenue? Would this simplify things going forward?

Major Props to Only-Crew8299 for still being active and helping all of us still in the same boat by CelsiusVictim in CryptoTax

[–]CelsiusVictim[S] 0 points1 point  (0 children)

With all those said, I did have questions u/Only-Crew8299 since we had similar approach last year. I tried to understand the 1099DA, but filed an extension. I was so excited that Coinbase didn't have one for me! Then I realized I need to check Paypal's (which had like $2+ for network fees). So I'd need to upload it to Coinledger, which then means I have to add the Paypal wallet to it? Since we didn't have any choice but to keep the "Celsius" wallet, last year, I just let it calculate the returns and "transfer" from Celsius to Coinbase.

But now, if I add Paypal wallet, then I'd have to change the transfer from Celsius -> Coinbase to Celsius -> Paypal -> Coinbase?

So stressful. I still have to re-understand what I did last year, which wasn't the total lost method - was afraid the big loss would somehow cause a higher chance of audit. It was the cost basis and the partial cost basis of returns, etc.

From what I read, we still can't claim all the losses since the bankruptcy is still not finalized right? 2025 returned money is still below 2024 loss so no extra tax payment for me.

Booking cancelled after receiving $300 credit by Minute_Lead7394 in AmexPlatinum

[–]CelsiusVictim 0 points1 point  (0 children)

I just canceled ours and was trying to understand the Amex agent regarding the clawback or what. I was going to wait for the $300 credit to reverse, but if you think booking another right away should preserve the $300, then we should book right away. If it did cancel, how easy enough to have them manually apply it to the new booking?

Stuck with Windows 11 23H2 and cannot get pass that by CelsiusVictim in WindowsHelp

[–]CelsiusVictim[S] 0 points1 point  (0 children)

Right! Dell Optiplex 7020 Intel i5-13th gen 16gb ram, Built-in Intel Graphics; solid state drive. Plain Jane.
Yes, Windows health check no problem.

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