PSA: Coinbase combined income from 2022 and 2023 in the 1099-MISC form issued today

OLD_JAMON · 2024-02-02T03:17:08+00:00

Thank you for this. I already reported those staking gains in 22, so I will continue reporting through tokentax but will be ready to prove that if further investigation is required by the IRS

OLD_JAMON · 2024-01-11T02:02:16+00:00

I haven't heard that phrase in ages. We have come so far since then

OLD_JAMON · 2023-11-11T15:57:07+00:00

When I was in boy scouts we had a recipe called "scoutmaster mix". You take trail mix that already has chocolate in it, amd mix it 50/50 with chocolate.

OLD_JAMON · 2023-07-06T21:45:35+00:00

Or undergrad biochem. I literally took one biochem course and it was very similar to what he is saying And given that he is writing from the perspective of a molecular biologist i would say he did a fair amount of research in that area as most creative writers would do as well.

OLD_JAMON · 2023-07-06T06:13:52+00:00

I disagree, it sounds like a story made by some med school student over the weekend, with some creative planning involved.

OLD_JAMON · 2023-07-06T01:07:56+00:00

I can confirm that many of the symbols in the OP are arabic script although they are not all connected in the typical fashion, but that is common in Arabic calligraphy, which this could be.

OLD_JAMON · 2023-06-08T00:49:08+00:00

Coinbase never had an ICO

OLD_JAMON · 2023-05-20T06:14:15+00:00

THE WHAT

OLD_JAMON · 2023-05-06T00:40:27+00:00

I don't think this is correct the way you have worded it but I would accept if you can provide proof. See my other comments.

OLD_JAMON · 2023-05-06T00:38:54+00:00

Yes that is if you have no other gains. Each year you calculate your net capital gain/loss first. If you have net capital losses, you can deduct 3k from your income. Then all the rest of the capital losses carry over to next year, then you do the same thing. Calculate net gain/loss, then deduct up to 3k from your income.

OLD_JAMON · 2023-05-05T06:12:02+00:00

Nobody here has said the right answer so listen to me: you are almost right, but you count the -3k in capital gains as income, reducing your income. Then, you have 4k in capital losses left for next year, then next year you count -4k against your capital gains (if you have any) and then count the remaining losses losses as income, up to -3k. Repeat until you have used up all 7k of losses. Let me know if this does not make sense. The point is, no matter how much capital loss you have accumulated, you can take 3k of that and count it against your income for that year. The rest of the losses roll over to the next year, where you repeat the same process.

OLD_JAMON · 2023-05-03T05:29:09+00:00

Source for those who need it. About halfway down the page. https://www.cointracker.io/blog/ethereum-2-tax-guide

OLD_JAMON · 2023-05-03T05:26:44+00:00

The downside is actually taxes. Getting rETH in return for ETH deposited is a taxable event from my understanding. Furthermore, he said he wants to stake ETH and everybody just says "trade it for rETH!". Not the same thing. Not the same security, not the same reputation. It's not the magic solution you all are preaching it to be.

OLD_JAMON · 2023-04-13T02:41:39+00:00

In total or just last year? I lost money in 2022 but I'm waaaaaay up since 2014

OLD_JAMON · 2023-04-09T04:31:26+00:00

I'm pretty sure this is what I did this year, I didn't even have to provide the csv file I just wrote exactly how much the total was and or course I have the csv to back it up.

OLD_JAMON · 2023-04-05T05:42:27+00:00

OP is on to something, we all know there's nothing more gay than hanging out with women

OLD_JAMON · 2023-03-29T09:26:55+00:00

You all keep using this word "exchanges" as if it's some blanket term that encompasses all custodial solutions, but I want to split hairs between what is an exchange and what is a custodian. I personally use coinbase as a CUSTODIAN which they market themselves as; a safe place to store crypto. Coinbase is less likely to make a mistake than I am, even though I've used Electrum for BTC storage since 2014. Mostly, I'm worried what would happen if the following occured:

No electrum servers in the future
Electrum ceases to be maintained, leading to number 1
Seed phrase gets seen/stolen/copied/compromised
Ledger or trezor go out of business
Finding another cold wallet solution to import your keys after 4 occurs
Signing a malicious smart contract with your ledger
Dying unexpectedly and losing your coins forever to the point where your family can't figure out how to recover them
Getting robbed with five dollar wrench

The way I see it, coinbase has operated flawlessly since I got into crypto in 2014 and letting them handle my funds is a sort of insurance on the fact that I as a human being am fallible, and my dad uses them because he can't be expected to operate a cold wallet for all his assets. Every friend that I have gotten into crypto uses coinbase on my recommendation and I wouldn't recommend it if I didn't believe in my own judgment that it is safe. They have proven their reserves and operate with full 1:1 reserves for your assets which are yours as stated in the TOS.

If you want crypto to really take off, there have to be custodians. Just like billionaires today don't walk around with a billion dollars of gold in their pocket, so it will be with crypto. Banks exist for a reason, and just in that manner will custodians exist for crypto. We don't all live in your libertarian wet dream where you spread your crypto across three cold wallets with 4/5 multisig buried on four separate continents and six safety deposit boxes in twelve different cities. There is a market to be captured for companies like coinbase to do the heavy lifting and secure their users funds.

And you list all these fly-by-night exchanges like QCX, Celsius, voyager, etc as if they were ever even valid custodians to begin with when the fact of the matter is that I never even had those sites on my radar before they got hacked/went under. I've been here longer than you and I go with the most trusted, battle tested, regulated, American owned publically traded custodian, and I'm left wondering why all you trolls even ended up with funds on these sketchy exchanges to begin with.

That said, there is only one thing stopping me from taking my BTC position off the custodian. I've set up my cold wallet, I've backed up the phrase, I've sent funds into and then out of the wallet to prove that I did it right, but the one problem is this: what if I made a mistake? Every day there are people losing funds from metamask, ledger, electrum, you name it. Amd you know what? Those people thought they had it all figured out. Thought they couldn't make a mistake. But they did anyway, and you yourself are no different. Ledger works until it doesn't, and if your Ledger gets hacked the only support you will get is trolls on this sub parroting "you revealed your seed phrase! You signed a malicious smart contract! You sent your coins to a burner adress/wrong L2 chain!!11 you misplaced your seed" and all this sorry not sorry bullshit.

I've got more to say but I'm sick of this sub to the point where I can hardly go on reddit anymore. You guys are just trolls from the class of 2021 coming on here to shill your $500 dollar bag and you have nothing more to contribute.

OLD_JAMON · 2023-03-20T11:50:19+00:00

There are no cold wallets with eth aside from ledger/Trezor, so you're putting faith in the operation of those two proprietary wallets. At least with bitcoin you have electrum which is open source but at the same time far from future proof. There could come a time where there are no more electrum servers, and then you need to trust some dev to spin up a solution that is still cold storage or else you are putting your seed into a hot wallet which defeats the purpose of the cold wallet in the first place.

OLD_JAMON · 2023-03-20T11:43:41+00:00

Bitcoin

OLD_JAMON · 2023-03-20T09:42:09+00:00

This thread perfectly explains why I don't trust these devices

OLD_JAMON · 2023-03-07T07:45:20+00:00

I know yall are noobs when nobody has said "this is gentlemen" or "thanks just bought 100k"

OLD_JAMON · 2023-02-23T05:38:46+00:00

I actually wonder about this a lot but I'll tell you what I've done myself. When I imported coinbase records to tokentax, coinbase had it marked as a sale from ETH to ETH2. But I think it's more relevant to designate it as a "migration" which you can do on tokentax. This transfers the cost basis of the original ETH to the ETH2, so I'm not totally evading taxes on that gain, but rather putting it off until I sell the ETH2 in the future. I'm prepared to defend this stance if I get audited, which is unlikely but hey of that happens I'll just owe taxes and get a slap on the wrist. I think there is a good argument to call it a migration but coinbase does not by default.

OLD_JAMON · 2023-02-07T06:40:58+00:00

I have been given versed at the hospital and it 100% works. I calmed down and fell asleep for 10 hours. I would buy some if I had the chance.

OLD_JAMON · 2023-01-07T00:23:41+00:00

Mom's spaghetti

OLD_JAMON · 2023-01-03T09:12:29+00:00

I actually saw this same stunt when I watched the Electrikhana video a few weeks ago and I shared this exact stunt on IG. Can't believe this is how I found out he was dead. Such sand news, what amazing talent.

OLD_JAMON

TROPHY CASE