I asked the other day and people suggested those crypto tax software's and I tried some and it was a pain in the ass, I'm scared as shit, I'm only 18 and don't want the IRS up my ass. I've tried multiple ones like Koinly, TaxBit and like 3 other, They all have issues of either not being able to support all of my exchanges and also adding a csv files wont work cuz its half ass broken. Plus their are so many errors of 'Missing cost basis' UGHHHH. I fucking hate myself and shouldn't of gotten into crypto.
edit: also im busy with so much other things in life rn and i cant handle it anymore. I know I probably shouldn't rant but I love u guys, the patriot movement is filled with ppl of positivity so. thought id rant.
Wait rly I can estimate and then file an extention? How does that work? So I just estimate it and then try to calculate it better then submit a more precise version some time in the near future.
Pretty much, read the instructions that come with the tax forms. They have extentions for that reason.
2)also is their someway I can be forgiven, because if I where to cashout I'd be in very little profit for the 2021 year
But to file an extension wouldn't it have to be a legitimate reason such as hospitalization or something that could prohibit u from doing taxes.
I used to own a buisness and I filed an extention ever year. Didnt need a reason I didn't even estimate how much I owed, so I would get a small fine evey year after I filed,for not sending a payment April 15. I would think about hiring a professional if they are complicated.
Things may have changed I don't know, I now just file the easy form.
Also do u know if I'm able to round off all of my gains, losses, recieved crypto gifts, staking income when I go fill out my 8949 and other forms? Because it's hard to add up everything precisely and considering theirs trading fees and gas fees everywhere.