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I am royally screwed. I have no idea how to do my taxes.

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by COINS NEWS 180 Views

I use numerous exchanges, each exchange has their own benefits and purpose to me. But crypto tax laws are so vague. I talked with my tax accountant and even she is pretty confused and is asking me advice on how to proceed.

I mine cryptocurrency, I stake it on different exchanges, I have about 9 brokerages in total for stocks and crypto, as well as about 6 self-custody wallets. I gave her my 1099s but each crypto exchange produces their own .csv file, and so far, each .csv file has its own format. So somehow I need to reformat every file I have, and either add or take away the information I need, just so I can put the file into tax software which the crypto exchange said I should use.

I tried linking my numerous crypto wallets to tax software which tracks my thousands of transactions from 2021, but even the software is limited and won't let me link the wallets that I need to. On top of that, each crypto exchange will give you some help by partnering with these crypto-tax-software companies, but they only let you track a few transactions, and then you have to pay them a ridiculous amount of money just so I can see what I owe.

My tax accountant said she would be willing to go through my thousands of transactions and disordered .csv files and manually input them into Excel for $200 per hour, and she said it would take at least 12 hours, if not more.

I have no idea what to do. I am with u/Skip143091 on this. I am f&cked and I actually want to IRS to audit me and just tell me what I owe. The system is f&cked, makes no sense, and even the tax professionals I have been in contact with say they have no idea because the tax laws around crypto are too vague.

This is ridiculous.

EDIT: I live in the USA

submitted by /u/LargeSackOfNuts
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