They say they want to buy cryptocurrencies and that they'll pay in cash. The money does exist, but they're a gang. When you're checking the money, they switch backpacks and bags or rob you on the way out and take your money. They stole €400,000 in cash from me. They operate between Dubai and Europe. The older one pretends to be a diplomat; one calls himself David and the other Edward.
I have received a notice from the tax department. I need guidance urgently.
Notice: A survey under section 133A of the Income-tax Act, 1961 was conducted in the case of M/s BITCIPHER LABS LLP, which operated the CoinSwitch Kuber (CSK) platform. During the survey proceedings and subsequent enquiries, details of users and transactions carried out on the said platform were obtained and analyzed.
Bitcipher Labs. LLL ||. Transactions in virtual digital assets || 75,55,537/-
Further, on verification of PAN data, it is noticed that you have not filed your return of income for the Assessment Year 2022-23. Therefore, the income arising from the above transactions has not been offered to tax.
....
The amount in the notice is the total amount of all the transactions done by me and not the overall profit I made. The overall profit was around 4.5 lakhs and that was the only income I had in the entire year I don't know what to do as I don't have this amount of money to pay taxes. The department has asked for a reply by the 15th april
I don't know anyone else that would understand this victory but I cannot tell you how impossible it was and how much customer support I had and how many times I asked Reddit and how many times I asked GPT and how many times I just tried to do my own thing and nothing would work.
But I just tried another time since there's been a new update on GPT andit was able to analyze it in a much deeper way and come up with the actual answer that I was missing... and it had to do with a duplicate transaction that was hiding.. and then because the other transactions were swapping blockchains and not accounting correctly, as the other reason.
Long time TurboTax user here. This year has been an absolute nightmare. I tend to pre-pay for my filings in order to lock in certain prices and this year was no different. It was after i pre-payed that I realized:
1.) They not longer take .csv files for crypto transactions
2.) They want you to upload a PDF(good luck with my 180 page PDF)
3.) It is never able to fully process the PDFs thus leaving me with an incomplete filing
So naturally i select the expert premium. "oh ill just send my documents to them and they will do it for me." What a silly thought that was. After 15 hours, and 5 different experts it was always the same conclusion...."something is causing the computer to crash on my end when trying to go through these transactions."
So they would send me out of expert and have me re-enter, always leading to the same conclusion: "sorry I can't help".
Finally I just ask Turbotax for a refund with the very logical reason that I am unable to accurately file my taxes because your software is absolute trash with handling crypto transactions. Naturally they still say no, they won't be refunding.
ON A POSITIVE NOTE: I went to FreeTaxUSA and had absolutely zero issues at a fraction of the cost. I was able to upload my crypto transactions summary and attach a nice PDF of the individual transactions. One hour of prep time and a fraction of the cost. I will be using them again next year
TL;DR...turbotax is ass, FreeTaxUSA was great
Everyone talks about BTC price as the barrier to adoption.
But honestly — I think taxes are the real friction.
Most people I know:
use 2–4 platforms
have no idea how to calculate PnL
avoid selling just to not deal with taxes
or worse… just ignore it completely
And it’s not even about complexity of the rules — it’s the fragmentation.
Wallets, bridges, DeFi, staking, LPs…
One strategy can create dozens of taxable events.
So instead of “crypto is too volatile”, the real blocker might be:
👉 “crypto is too annoying to account for”
Curious what others think:
Do you actually track everything?
Or do you just hope it works out at tax time?
I have recently used a tax software (awaken) to reconcile my transactions. I have a few thousand split between nft and memecoin swaps. According to the software it has categorized my transactions between capital gains and business income. Seems the swaps are capital gains and the airdrops and rewards are income. The logic seems to be consistent. Is this a correct way to categorize my crypto for tax purposes?
I used the search function but didn't find any recommendations about this specifically. I accept crypto as payment with my business, probably get around 50-100 payments a month from crypto. I started this business this January, have been doing: Accept crypto as payment (basically just the common ones like bitcoin, ETH, Solana, XRP, USDC/USDT) on Trust wallet, convert to USDC (on Trust wallet), send USDC to Robinhood, sell USDC on Robinhood (I guess I could've sold directly on trust wallet made things simpler, but this has been my flow since the beginning). The minute capital gains tax from swapping and selling is one thing (I do it pretty quickly), but the biggest thing I need is the ability to see the FMV at receipt (which is the business income). If I can, I'd like to be able to integrate this with some sort of accounting software (my concern is both with basic accounting, and doing taxes).
Most software seems to be oriented around investors and traders (clear "I spent $100 on this bitcoin, I sold it and made $120). Not for "I received 75 $100 payments in a month from 50 different crypto addresses and I need to count that as business income". So far the only thing I've found is Summ's business plan but that's $3,600 a year (yikes). Crypto is a lot more complicated now than it was 10 years ago...
If anyone has experience with this, or has a good recommendation, please let me know. Thank you.
I need help pls! I used Koinly to create a schedule D, 8949 and forms to use for turbotax. The only 2 crypto exchanges I used last year were Coinbase and Blofin. I've only ever traded crypto in 2025 (May - December). I did leveraged trading on Blofin (not Coinbase). All in, I transferred under $6,000 total into Blofin for trading (leveraged and regular). I made money but the total 2025 crypto venture was a net loss. Koinly, however, shows my total proceeds for 2025 were close to $45,000 and my costs were about $50,000. Losses were about $5,000. Are my proceeds and costs super high because I was doing leveraged trading?? I did incur about $5,000 losses overall, so I don't know if it will ultimately matter if I just file with these high figures. I just don't know where those amounts are coming from. Thanks!
Last year I traded perpetuals on apex exchange, I have a csv of every transaction and I have no idea what to do with it. It doesn’t fit section 1256 because it isn’t regulated and treating it like a 1099 doesn’t make any sense because it’s all levered. I’m using TurboTax, I know everyone seems to have come to the conclusion that you shouldn’t this year but other than this my taxes are done.
If you’re a tax guy and you’re willing I’ll pay you to let me send the csv to you and have you send me back something I can use, I’m like 40 hours into taxes this year ready to blow my brains out.
I used FreeTaxUSA for my tax prep. I have a Robinhood account and a Phantom account. I uploaded the consolidated 1099 from Robinhood and a consolidated 8949 from my Phantom account.
Neither of these documents included all of my individual transactions as they were consolidated documents.
My return was accepted but I was never prompted to submit Form 8453 by FreeTaxUSA. I asked their support about it and they told me I didn't need to submit it even though my attached documents don't have all of my individual transactions.
Is that advice correct or do I need to send Form 8453 and my supporting transactions?
Is transaction volume the same as total gross proceeds in crypto 1099 da? For example I got a 1099 da from coinbase that shows 12k in box 1f but I have over 100k in transactions from day trading that's not on coinbase I just used coinbase to sell my crypto to put in the bank. I never actually had 100k just 100k in volume. Does my 100k in transactions replace my total proceeds? Thanks just confused