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Pacun

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  1. Just wait for the refund. You can also call the hotline and ask about the refund status. Don't mention your mistake because you might succeed on the difficult task of confusing the IRS.
  2. If we didn't go over our heads a few times, we would never be where we are. I also think about the job of the president of the U.S.A. That job is above the head of all those people that have sat in that office for the first term and yet, every 4 or 8 years a new person gets the job. All professions require people to go over their head. Think about your doctor, if he didn't go over her/his head a few times, she/he would be treating only simple colds. The original poster said that he is studying partnerships so, I don't see anything wrong with starting doing a couple of 1065 and later he will be the expert who will answer my questions and share his knowledge here.
  3. Pacun

    Coinbase

    Yes. This is a real life example. (OR should I say a virtual life example?) If I purchased in Metamask $20K of LUNA coin and $10K of ETH coin. My coins did well and LUNA is now $50K and my ETH is now $40K. I want to convert my LUNA to UFO. By doing that I will sell my LUNA and I will sell part of my ETH because that's the gas that will push my shipment. In this case the cost the gas for my transaction is $2K. I need to recognize profit on both coins and part of that profit will be deducted as an expense. The basis on my UFO will be $60. Binance.us follows the same principal except that the gas comes from BNB coin or from a reduction of the coin being purchased if you don't have BNBs and it is called a "fee". There are also income for staking and for referring another client to the exchange. Virtual coins are becoming a reality... embrace it!
  4. Pacun

    Coinbase

    The tax portion of crypto is and will be interesting in the near future. You have purchase a coin for $30K and then you need to purchase another coin for 10K to be use as gas. Failure to have gas will mean that your "shipment" of the goods or the order will make it only halfway to its route and unless you put more gas, it will not complete. So, lets say that my coins have double. Now I have $60K and $20K. From your $60K, you purchase another coin for $5K. The gas cost is 2K. The basis of your new coin should be $7K and you will have to pay taxes on $2.5K and 1K, correct? What if I convert the same coin to fiat? will I pay taxes on the same amounts and have expenses for $1K? If I get a hardware wallet, how will I depreciate that wallet? Admin, we might need a new forum for Crypto because this will be nightmare sooner than later.
  5. Pacun

    Coinbase

    Crypto is like any stock except that currently there are no wash sales. The case of locking coins and receiving income is like having your money in a CD. Technically it is interest and it will increase basis. This is a very interesting and common subject in the next couple of year. I understand that if I use fiat to enter the crypto world, I don't have to report anything unless I "lock" my coins or tokens to earn income or sell them. But how about this: El Salvador uses bitcoin as its money along with the dollar. Less than a month ago, I activated my Chivo wallet and it came preloaded with $30. Right now it is about $42 or a bit more. If I don't sell this coin, should I report the $30 dollar? Is that a gift from the Salvadoran Government to its inhabitants? The idea was to give $30 to every body who register to force them to use bitcoin... which most people sold for dollars at a discounted price. What if I sell the coin, should I report the $42 dollars with the assertion that my basis was 0?
  6. Upgrading from 7 to windows 10 was so easy and the license from windows 7 was good for windows 10. I updated my computer and everything works properly, but it is slow. At first I thought it was not going to take the upgrade but it did and I am happy with my old computer being able to be online and refer back when I need to print 2015 returns. If you can put your hands on a Windows 10 upgrade CD, put the CD on your Windows 7 machine and you will have 5 more years on your OS.
  7. What kind of judgment? Labor, Health, mental, medical negligence?
  8. Chances are 100% that the IRS will duplicate the 1099misc and 1099NEC. Subcontractors will received a letter or bill from the IRS about the second form eventually.
  9. Go to return manager, highlight the return without opening, you should see when it was filed and the refund amount. Is that correct? Open the return from efile manager and see if you still get the same results. Check if you have a setting moving the completed returns away from your managers.
  10. Lion EA, I think we still have to report it. Let's say I filed my taxes and I paid taxes on $20K. I take $10 of my after taxes money and buy bitcoin. In December, my bitcoin value is $160K and I buy a Mercedes, buy a plane ticket, rent a hotel and purchase meals on my trip... all with bitcoins. I will have to report that $150K, correct?
  11. Open Firefox, click on the three horizontal lines at the very top right corner, options, privacy & security, scroll down to "cookies and site data" and click "Clear Data". Scroll down to "History", click on "Clear History", on the "Time range to clear" select "Everything" and make sure you check mark all 7 boxes and then click OK. Exit firefox and open it again.
  12. I didn't know that a village (playa el Zonte) in El Salvador was a bitcoin location for a few years. They even have an ATM for bit coins. It is very interesting to see how people, who didn't know how to read or write, were using their cell phones to pay for pupusas and other daily purchases. If I prepare the taxes for a person who has been buying these little items with bit coins, do I have to file Schedule D? If you have purchased bit coin or other crypto currency, do you suggest any potential crypto that could be a good investment?
  13. I won't be surprised if they make it retroactive to stimulus 1 and 2. Very interesting.
  14. The entry with less flags is adding 1K to the existing 1099G. I have not seen a bigger flag than paper filing these days.
  15. TP has an ITIN and two US Citizen children. Will that person receive the $2800 2021 stimulus? Two of my clients have called me and told me that their cousin, friend or co-worker with ITINs have gotten their stimulus for the children. I know that ITIN holders don't get it only the mixed families but I want to double check.
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