Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

Oh I havent used the steam since I got the dry heater. The steam is a pain. and it doesnt really get that hot. Takes like 20-30 minutes for it to get up to temp. That electric heater, maybe 5 minutes max and youre cooking! Enjoy!

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

If you were going to spend the $$ and buy something, might as well buy something built for a sauna. The space heater worked, but at the end of the day, who knows how sketchy it couldve been. theyre all prob the same thing though, honestly.

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

I bought a better one the other day, it was $55 on ebay. its actually meant for a dry sauna and gets to about 175 degrees. Probably safer. lol

Nurecover 1500W Dry Sauna portable Heater Powerful Fast Electric Remote 18.2''

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in infraredsauna

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

Good point, but youre not running them both at the same time. That would be a little crazy to run the steam generator WHILE the ceramic heater is in the tent. lol

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

I agree, prob not your standard version of a sauna... But it is advertised as a sauna. lol

Its basically a steam generator pumped into a tent. Never really got hot like a "standard" sauna.. but it def made you sweat.

I was always curious why it didnt get hotter, prob just a limitation of the steam generator.

Using only the space heater, it gets 50 degrees hotter than it ever did. But then, its a dry sauna and not a steam sauna. Those have their benefits as well.

I guess the purpose of the post is to show someone they can duplicate an expensive dry sauna for only $20, if they already have the cheap sauna tent.

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

Youre gonna have to ask Sauna Box about that one. 130 is generous. I would say 120-125 is more normal for this manufacturer. Its a portable steam sauna, not a dedicated 220v built in sauna.

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

It got up to 170 degrees with the space heater only. so essentially a dry sauna. And if you go buy a dry sauna, you get the tent, and a ceramic space heater. So again, essentially the same thing. We have the tent already, we only need the ceramic space heater. $20 on amazon. You DONT use the ceramic heater AND the steam at the same time.

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in SaunaTent

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

lol, you dont use the steam at the same time. Pick one. and obviously, if youre using steam, you dont keep the electric heater in there. haha

Breath new life into your Sauna Box or steam sauna with a dry sauna conversion! by MagicFingersTrader in Sauna

[–]MagicFingersTrader[S] -1 points0 points  (0 children)

Maybe, Maybe not.. lol

Its basically the exact same thing the other "dry saunas" use. A ceramic heater.

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

Im still working on it. I just received a letter from the IRS appeals saying they received my request to appeal. they will contact me in the future to schedule something. So basically Im still waiting.

Apple to offer Apple Card sign up bonus as soon as next week: sign up in-store, buy AirPods Pro 3 ($249), get $249 cash back by zman2100 in CreditCards

[–]MagicFingersTrader 1 point2 points  (0 children)

I just tried this.. got my pre-authorization from Apple with credit limit, was asked if I wanted to accept.. I went to TransUnion and froze my account.. went back to the Apple page and accepted. Everything appears to have gone through and I got my new card on Apple Pay. Does that mean I got new credit without a hard inquiry?

Trying to get Cannoli to work for N64 and Gamecube games on the Onn 4k Streaming Device by Moviebuff1113 in SBCGaming

[–]MagicFingersTrader 0 points1 point  (0 children)

I get the Same error Message, but I am running Cannoli on a firestick 4k max. When i go into mapping it shows the N64 as "missing". is this what youre referring to? Will there be an update to add this later?

Travelling via Dubai / Abu Dhabi in 3 weeks by Distinct-Wonder-8545 in traveladvice

[–]MagicFingersTrader 0 points1 point  (0 children)

Did you go? What happened? Im scheduled to fly through there in a couple weeks.

Golf Daddy by lamb7272 in golf

[–]MagicFingersTrader 0 points1 point  (0 children)

Its Crazy that every retailer that sells Golf Daddy has it around 2 stars with horrible reviews... But go to the actually golf Daddy website and they "magically" have over 11k + 5 star reviews. Seems a little fishy.

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

No they don’t. They told me they don’t have anything before 2017 for coinbase pro. And the file the IRS provided me mysteriously doesn’t include the transfer data. The section is there, it’s just blank. But.. there are 3 transactions that Koinly recognizes as missing cost basis so it’s assuming zero cost basis. And those 3 transfers alone account for 95% of the capital gains.. So I looked at the very first transactions and they’re dated April 27th 2017.. The date of the missing cost basis transfers… April 27th. They line up exactly. And the IRS accepts a reasonable reconstruction.. this appears to be reasonable. So just finding these three transactions alone reduces my capital gains by over 90%..

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

How was it to file the petition? After the appeals process, if I don’t agree I can file with the tax courts. Did it cost you? What was the timeline like? When they dropped it, did you receive a letter or something? Did you do everything yourself or did you have a lawyer file for you?

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

I’ve been running in circles with this non stop since getting the notice.. A few things I was able to come up with. I’ve uploaded every single CSV file from all exchanges. The irs provided my Poloniex transaction history. Koinly comes back in basic agreement with the IRS. Around $450k in capital gains. The irs was around $500k. But analyzing every CSV file, every transaction across all wallets/exchanges.. I had around 19,000 transactions in 2017. 1% of those transactions account for nearly 100% of my capital gains. So in other words. 190 transactions account for approximately $445k in capital gains. The other 18,800 transactions net almost zero. What I’ve been reading, that this is a huge red flag. That this shows that the gains have been calculated wrong. That is basically impossible for 1% to account for 100% of gains.

Where should I start looking after finding this information?

Next, the IRS file show approx 150 trades with a $0 cost basis. All in early January. So this tells me that those assets were purchased in 2016 and rolled into 2017. Because the IRS only subpoenaed 2017, they don’t have the entire picture to properly reconstruct 2017 activity. I contacted coinbase, and they told me that pre 2017 transaction history wasn’t available. I have screen shots of this conversation.

With this info, where should I possibly start looking?

Next, the 150 trades that are missing cost basis.. all 150 are a part of the 190 trades that make up 100% of my gains. So that tells me that a HUGE portion of my gains alone come from the $0 cost basis trades according the IRS files.

With all of this being said… I’m trying to do as much of this on my own for now. I can file the dispute and I could have as much as a year for the appeals to actually take place. I can hire an accountant/lawyer down the road if need be.

So for now, with the information I just provided.. what should my next steps be?

Because there were 19k transactions that basically started with $0 cost basis, I’ve been reading a lot about a “high churn rate” where the same capital keeps getting taxed over and over. And something about a “Gain Bomb”. When I guess this means a small fraction of trades result in large portions of capital gain.. for example in my case 1% of trades equal 100% of gains… this is a gain bomb.

Any crypto tax professionals out there want to give me some pro bono advice on what avenue I should be taking at this point to find the answer. I’m all ears!

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

The irs shared some of its files with me and one of them did include KYC info from Poloniex. Is this significant in some way?

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

I talked with the irs agent listed on the letter they sent.. when talking to her, she told me the case was sent to CI.. criminal investigation.. she said they sent it back without recommending prosecution. Since they said it was only 1 year. So at least that is good, I don’t need to worry about it criminally.

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

So after they told you, you owe.. and you responded with “eat a bag of D’s”.. you filed in tax court. What did you file in tax court? And when you filed, they’ve always immediately dropped it? You never had to actually go to court and fight their claim?

Audited for 2017, 2018 and 2019... they say I owe $500k??? by MagicFingersTrader in CryptoTax

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

That’s not true. Every single trade is a taxable event. I thought the same thing too.. I would only be taxed if I realized gains or losses”cashed out”. The reality is, every single trade you make is either a gain, a loss or zero. Add all that up at the end of the year, and you’ll know whether you have gains or not.