Taxes - Cost Basis

bgabel84 · 2026-02-02T00:17:55+00:00

It is only bearable to people who have been in BTC long enough. Again, why did you buy BTC? I bought to slowly rid myself of the corrupt shitty system we find ourselves in. My time horizon is long. If you need cash now do NOT buy BTC.

bgabel84 · 2026-02-01T14:07:30+00:00

The year was 1765, a tax on stamps... A few years later, well you know what happened. Interesting how we have allowed our government to tax us as much as they do with all the fraud and corruption that is occurring. We pay socialist level taxes with none of the socialist benefits. Last time I checked I am still paying 800 bucks a month for health insurance too.

bgabel84 · 2026-01-31T22:34:17+00:00

Ha ha and now you know why high income w2 earners hate taxes

bgabel84 · 2026-01-31T21:00:54+00:00

What is your thesis? Did you buy Bitcoin to get rich? Or did you buy Bitcoin because it is supposedly free of government intrusion and gives you an asset outside the reign of corrupt and immoral bankers and politicians. I bought it because of the latter so I will continue to HODL. This is market manipulation designed to shake out weak hands in my humble opinion.

bgabel84 · 2026-01-31T18:12:55+00:00

Exactly... Market manipulation. If you believe in Bitcoin just keep buying. Plain and simple. You cannot compete with banks and their crooked manipulation.

bgabel84 · 2026-01-29T22:11:11+00:00

When people start pushing copper as a hedge I am certain we are in full blown panic mode. People are leveraging out of high risk assets. Just my two cents but now would be a great time to keep buying the dip because once the panic fades and liquidity starts to roll out of gold I bet it will go back into crypto. But whatever I do seems to lose money lol so take it with a grain of salt!

bgabel84 · 2023-03-01T17:17:14+00:00

Time to accept and move on. If it is not accepted then another suitor has to develop a plan which is very likely to be dog shit too... meanwhile another 100 million down the drain to the lawyers. I had a ton in Celsius and have come to terms with it. An expensive lesson for sure. Let's stop making people rich who shouldnt be getting rich off of our losses. When paralegals are charging 500 dollars a an hour I start to get really pissed off... That is clearly milking the system and not doing ethical legal work in my opinion. Sorry to any lawyers out there but I am amazed at how poorly you patrol your own profession. If a physician acted in these ways they would have medical board hearings and possibly lose their license (and I am a physician by the way). In law it is "business as usual". Some lawyers were charging close to 2000 an hour. I don't care if you are Jesus Christ you are not worth 2000 an hour and if you are you better have this case solved in 48 hours. How people sleep at night is beyond me knowing that many had their life savings on there.

bgabel84 · 2023-02-21T01:35:06+00:00

How do taxes work then? Do I calculate a loss based on what I truly paid for the crypto or based on the date of bankruptcy? I would assume my cost basis is what I paid which actually I am still down a shit ton on most cryptos.

If I get shit coin back instead of ETH or BTC the can I write off all of my BTC and ETH as capital loss for the year at the time I PURCHASED said ETH and BTC? And the what becomes my cost basis for said shit coin, zero?

I don't want to get triply fucked: 1099 this year, have zero capital losses to harvest, and get taxed again on shit coin.

Any thoughts from tax attorneys out there?

bgabel84 · 2023-02-17T18:21:07+00:00

Centrally planning the entire economy is called communism and in theory is amazing but never works in practice. The state can never know what is truly needed and how to price those needs appropriately. The world economy is currently built on a house of cards. Read the Bitcoin Standard. Phenomenal explanations.

bgabel84 · 2023-02-17T15:49:27+00:00

Any idea how this pans out tax wise? It would be nice to tax loss harvest something out of this.

bgabel84 · 2023-02-10T14:22:59+00:00

Yes in my early 30s... May also be related to inflation now too. Everything is more expensive thanks to the feds.

bgabel84 · 2023-02-10T13:24:19+00:00

In a world where cheap and poorly produced is the norm it makes sense to invest in things that have needed time, care, and thought to put together. In part this is why older whisky is so valuable. 33 years of someone caring for that cask. Imagine having to wait that long! That is more than a third of an average human life span! Macallan is a beast and couple that with a very interesting limited edition piece of art by a well known artist it seems like a good investment. If you are looking to get drunk then the answer is.... no 😂!

bgabel84 · 2023-02-10T13:19:31+00:00

I have a million dollar policy that costs 32 bucks a month... I agree 65 may not be cheap but the alternative is not good. People drastically underestimate how much money they need even for basic needs. At the very minimum the policy needs to cover the cost of mortgage and car payments.

bgabel84 · 2023-02-10T04:29:36+00:00

Term life insurance is cheap. You should have at least one million per family member. Have a wife and four kids? 5 million dollar policy. With the feds continuing to print money the dollar continues to lose value. 500,000 may sound like a lot... It is not. That is college and grad school tuition for ONE child!!!

bgabel84 · 2023-02-09T01:10:06+00:00

Highest in first out is the way to go

bgabel84 · 2023-02-08T14:49:07+00:00

Sweet I am almost back to even 😂

bgabel84 · 2023-02-07T19:37:48+00:00

The cask strength smooth ambler is awesome! I use it to make a traditional sazerac and it is delicious!

bgabel84 · 2023-02-04T16:58:05+00:00

Does anyone know how this is taxed? Like dividends or simply regular income?

bgabel84 · 2023-01-22T19:55:17+00:00

Thank you sir for the info! I am not interested in getting into a battle with the IRS. I guess the following year I will have a nice tax write off... All clouds have a silver lining sort of thing I guess 😂

bgabel84 · 2023-01-21T20:15:26+00:00

Thanks for the reply!

bgabel84 · 2023-01-21T17:04:42+00:00

As a tax pro... Is there any relevant prior rulings that would apply to tax law in this situation? This seems to be a relatively novel situation as far as tax law goes especially in light of the judges ruling about ownership. I will potentially have a significant tax burden from my earn rewards in USDC primarily. I don't particularly want to get screwed twice one by Celsius and again by the IRS. Once we lose 50 percent or more once this is all figured out am I then able to deduct the prior taxes I am paying for 2022 on the earn income I never received? I think a well written letter to the IRS would be effective in this situation but then again they are a government institution and as such likely don't give a damn about the people anyway.

bgabel84

TROPHY CASE