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.
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.
You do not have to be exact. No one will come after you if you are not exact. People estimate all the time. Even tax accountants estimate all the time (I used to be one).
If you believe you need to file taxes, then personally, I would file an extension.
I don't know when it is going to happen, but the IRS is going down. It is an illegal operation. I am working on efforts to bring them down. I know many other people are as well. Once everyone learns the full truth of the situation (which I am working on) it will all collapse. I don't know how long that will take, so in the meantime I would file an extension.
If it comes down to you feeling like you have to file your taxes (legally you don't, but I can't promise they won't come after you if you don't), you can estimate there as well. Just do your best, but don't stress if its off. They don't care. I have filed thousands of tax returns. I have prepared people and businesses for audit. The IRS doesn't care about the small stuff.
My understanding is that crypto is considered like stocks,I would start researching it on the web,take notes and do some research over several days. If I write things down on paper I can remember it better than if I just read it.
You have plenty of time,so don't panic.