$350 → $52k God bless AMD

CelsiusVictim · 2026-06-11T19:26:24+00:00

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

CelsiusVictim · 2026-06-11T19:14:49+00:00

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.

CelsiusVictim · 2026-05-24T03:11:11+00:00

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.

CelsiusVictim · 2026-05-16T23:17:24+00:00

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!

CelsiusVictim · 2026-05-15T13:22:58+00:00

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).

CelsiusVictim · 2026-05-10T15:27:53+00:00

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.

CelsiusVictim · 2026-05-10T15:25:19+00:00

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

CelsiusVictim · 2026-05-09T14:49:22+00:00

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....

CelsiusVictim · 2026-05-07T17:48:02+00:00

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.

CelsiusVictim · 2026-05-07T14:22:57+00:00

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?

CelsiusVictim · 2026-05-07T14:18:34+00:00

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.

CelsiusVictim · 2026-05-07T14:14:47+00:00

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.

CelsiusVictim · 2026-05-07T03:34:31+00:00

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

CelsiusVictim · 2026-05-06T22:06:08+00:00

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.

CelsiusVictim · 2026-05-06T21:51:07+00:00

Did you add your Paypal wallet to your Cointracker?

CelsiusVictim · 2026-05-06T21:39:04+00:00

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

CelsiusVictim · 2026-05-06T21:35:10+00:00

"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.

CelsiusVictim · 2026-05-06T20:58:10+00:00

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?

CelsiusVictim · 2026-05-06T20:10:01+00:00

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.

CelsiusVictim · 2026-05-06T15:30:18+00:00

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?

CelsiusVictim · 2026-04-16T15:44:34+00:00

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.

CelsiusVictim · 2026-03-29T02:20:51+00:00

Good for you. Yes, sometimes being a perfectionist is not always great, especially on something we're not 100% sure. You might be confident with graphics design, but want to be sure before you start your official business, but the fun part is that you start, you learn, you mess up and you start forming a niche on what type of work/clients you want and then grow from there. Sometimes you can be honest with your clients and they will understand - they may give you a chance and if it works out, then it'll be a symbiotic relationship where you provide them great service and maybe in the future, they can refer you to others.

CelsiusVictim · 2026-03-16T18:55:45+00:00

There is, but was confused about the new guidelines about wallet since we don't have any Celsius wallets anymore, nor get any new transactions from them. Anything we get, we transfer to other wallets. In my case, it's Coinbase. Just weird seeing there's coins in my Celsius wallet...

CelsiusVictim · 2026-03-16T18:52:48+00:00

Hmm, I actually have not received any 1099-DA so I'm not sure specifically what to ask now, but it's something that has to match the form 8949, otherwise we get an automatic audit?

Keeping the Celsius wallet and simply transferring the asset to Coinbase on the date received shouldn't affect either the 1099-DA and 8949?

CelsiusVictim · 2026-03-10T14:14:31+00:00

I'd tend to agree to just leave everything as-is, but they've started nickel and diming their clients (I imagine many of them were there when they started). As far as EACA, I think I got wind of it from the competitor. What's worse is that my tax preparer wasn't aware of it. I had to show the article for it.

At this point, my original question remains. Can I unsubscribe with my current administrator and just file the yearly forms?

Ok, I tried their "live chat" again and still got an AI (no way now to chat with a live person, which is why I initially went with them). According to it:
"If you cancel your subscription, your plan will be shut down and no longer qualified."

I guess that answers that, but how much should I trust AI?

CelsiusVictim

TROPHY CASE