IRS Safe Harbor is Upon Us
Here is a little poem for the upcoming January 1, 2025 IRS Safe Harbor:
Wallet, Exchange - where do I begin?
Allocating my bitcoin, what a din!
Specific units or global, which way to go?
Decisions, decisions, my head starts to blow.
Quantity, cost basis, I must take note,
Tracking each asset, like a sailor at sea, afloat.
Opentimestamp the proof, to show I’ve done my part,
Sailing into safe harbor, before I depart.
FIFO or Spec ID, which method to choose?
Gains and losses, I must not lose.
Consolidate holdings, simplify the fray,
Lest the IRS come and take it all away.
Who’s on first, what’s on second, I just don’t know,
Filling out this spreadsheet, my bitcoin woes.
But if I follow the steps, laid out so clear,
The safe harbor awaits, no need to fear.
Ok, for real though, What the Fuck!?! It’s a public ledger and all amounts and dates are forever recorded. Way to make this much more complicated and time consuming than need be. Classic!
Clear as mud. At least this might get more folk to self custody.
Here are couple links that might help a smidge:
What US Taxpayers With Crypto NEED to do before Dec 31, 2024 - Get into the Safeharbor!
Cheers, Yooper