vinney on Nostr: **TL;DR advice on the Safe Harbor IRS thing.** Here is what I'm doing and what seems ...
**TL;DR advice on the Safe Harbor IRS thing.**
Here is what I'm doing and what seems like the simplest and safest (legally and tax liability-wise) approach:
1. Gather a list of all your exchanges and wallets, both hot and cold.
2. Print out this document: https://cryptotaxgirl.com/wp-content/uploads/2024/12/Digital-Asset-Allocation-Plan_CryptoTaxGirl.pdf
3. On the line on the first page, fill in "_Highest Cost Allocated First_"
4. Sign and date it
5. **On December 31st**: Take screenshots or otherwise export _all of your balances on all wallets_ from Step 1.
6. Simply keep safe the Digital Asset Allocation Plan and the balances documentation. This is for your records and for future IRS compliance.
If you want to retrace my steps, watch the video linked here and read her post and any other linked material: https://cryptotaxgirl.com/blog/safe-harbor-instructions/
Here is what I'm doing and what seems like the simplest and safest (legally and tax liability-wise) approach:
1. Gather a list of all your exchanges and wallets, both hot and cold.
2. Print out this document: https://cryptotaxgirl.com/wp-content/uploads/2024/12/Digital-Asset-Allocation-Plan_CryptoTaxGirl.pdf
3. On the line on the first page, fill in "_Highest Cost Allocated First_"
4. Sign and date it
5. **On December 31st**: Take screenshots or otherwise export _all of your balances on all wallets_ from Step 1.
6. Simply keep safe the Digital Asset Allocation Plan and the balances documentation. This is for your records and for future IRS compliance.
If you want to retrace my steps, watch the video linked here and read her post and any other linked material: https://cryptotaxgirl.com/blog/safe-harbor-instructions/