Took the Crypto Plunge at Last — My First Buy Went Through, Way Simpler Than I Expected!!!!!

[Gr33dyOctopus]

Holy shit, yes!!!!! Massive thanks to Airborne, whose posts keep hammering home that PayPal payments are headed the way of the dodo. To Foxgirl, for being sharper than me and making it all look effortless, and to Sasquatch. Simply because hes a cool fucking dude. And last but not least, BARN, for walking me thru my first buy, and 60 bucks cheaper than HPT for the same item, from a US warehouse and not from China, with free motherfucking shipping.

Much love to all you fuckers!!!!!!!! Lets Go!!!!!

 

[miss-sanne]

For the longest time I was really against crypto, but after I made the payment and everything worked out : absolutely yes yeah ! It's incredibly simple ! LOL

 

[Mr. Blonde]

Shit, I really have to get this whole thing sorted out at last.

 

[miss-sanne]

Mr. Blonde said:

Shit, I really have to get this whole thing sorted out at last.

I used an Exodus walkthrough I found on this forum, and honestly it's a breeze, as long as you have the know-how.

Problem is, I couldn't locate that guide a second time..

 

[Gr33dyOctopus]

Mr. Blonde said:

Shit, I really have to get this whole thing sorted out at last.

Haha, ask foxgirl about it, I thought it was way more difficult than it actually turned out to be. I'll play around with it a bit more, and if you still don't have it sorted in a week Mr blonde I'll walk you through the whole thing. I ended up saving a ton of money, cut a week off shipping, got FREE shipping on under 200 bucks, and avoided paypal fees entirely!

 

[RadicalCrimson]

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

 

[Jazzyjeff]

Gr33dyOctopus said:

Holy shit, yes!!!!! Massive thanks to Airborne, whose posts keep hammering home that PayPal payments are headed the way of the dodo. To Foxgirl, for being sharper than me and making it all look effortless, and to Sasquatch. Simply because hes a cool fucking dude. And last but not least, BARN, for walking me thru my first buy, and 60 bucks cheaper than HPT for the same item, from a US warehouse and not from China, with free motherfucking shipping.

Much love to all you fuckers!!!!!!!! Lets Go!!!!!

I'm still hunting for an easier route — my 2 attempts so far were pretty rough. What would you suggest, and which service do you use to send?

 

[WholesomeApril]

RadicalCrimson said:

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

Down here in Australia it's the exact same situation

 

[Peptidesearch]

miss-sanne said:

Mr. Blonde said:

Shit, I really have to get this whole thing sorted out at last.

I used an Exodus walkthrough I found on this forum, and honestly it's a breeze, as long as you have the know-how.

Problem is, I couldn't locate that guide a second time..

Is this the right one?




10 years in Crypto here to help



Hi all. Crypto is old hat for me, but Peptides is completely new territory. If anything's unclear, I'm around to help out.

GLP1Chat.com

 

[miss-sanne]

Peptidesearch said:

miss-sanne said:

Mr. Blonde said:

Shit, I really have to get this whole thing sorted out at last.

I used an Exodus walkthrough I found on this forum, and honestly it's a breeze, as long as you have the know-how.

Problem is, I couldn't locate that guide a second time..

Is this the right one?




10 years in Crypto here to help



Hi all. Crypto is old hat for me, but Peptides is completely new territory. If anything's unclear, I'm around to help out.

View attachment 12493


GLP1Chat.com

Yep, thanks — that one was a real treat for my perimenopausal brain !

 

[yrrdead]

RadicalCrimson said:

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

Do you have to declare profits the same way as other income? Yes. That goes double when you're on the big exchanges, since they'll hand you the paperwork just like a bank or brokerage would. For tax purposes, picture it along the lines of equities: shifting them from place to place is fine, and nothing is reportable until a taxable event actually happens. Say you pick up 2 bitcoin and send them to a cold wallet — no filing needed. The advice you'll see in most guides here (and other places too) is to keep a separate "encrypted" wallet for your transactions, one with no direct tie to your real financial accounts. Beyond privacy, those direct ties also open the door to accounts getting frozen for any number of reasons.

Do you have to report individual transactions? No.

And really, whether the irs can trace any of this back to you depends on how paranoid or security-minded you are.

 

[FNG33]

RadicalCrimson said:

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

Using a noncustodial wallet is the reason to deal with KYC, and it's 100% the reason to avoid a wire, CC, PayPal, or any other actual financial institution.

 

[randompersonrandom]

A positive aspect of crypto, in case you lean compulsive, is that it helps you pace your spending. When the thought strikes me, I open PayPal and purchase a hundred bucks worth of PYUSD (never any more than that). After that I'm stuck; roughly 3-5 days have to pass for it to clear from my bank before I'm able to move it to my Exodus. About a week later I return, take a look, notice that sending is possible, and then I send it. After that I buy another hundred bucks and leave to wait again.

For my Exodus to hold enough PYUSD to swap into USDT and get a kit of reta or anything else I want to put in my freezer, several weeks up to a month go by. I already have plenty of everything I need, and I enjoy letting myself give in to my hoading just a LITTLE bit while a buit-in brake is there.

 

[ReenaRouge]

yrrdead said:

RadicalCrimson said:

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

Do you have to declare profits the same way as other income? Yes. That goes double when you're on the big exchanges, since they'll hand you the paperwork just like a bank or brokerage would. For tax purposes, picture it along the lines of equities: shifting them from place to place is fine, and nothing is reportable until a taxable event actually happens. Say you pick up 2 bitcoin and send them to a cold wallet — no filing needed. The advice you'll see in most guides here (and other places too) is to keep a separate "encrypted" wallet for your transactions, one with no direct tie to your real financial accounts. Beyond privacy, those direct ties also open the door to accounts getting frozen for any number of reasons.

Do you have to report individual transactions? No.

And really, whether the irs can trace any of this back to you depends on how paranoid or security-minded you are.

Does EXODUS count as its own encrypted wallet?

 

[Mr. Blonde]

trying to get my head around this. So the flow is: buy crypto on coinbase, then move it to a wallet. After that, can I pay vendors directly? I keep seeing warnings that you have to pick the right coin on the right network, otherwise it's gone for good. Is there a step by step guide anyone recommends? Any help would be much appreciated.

 

[Gr33dyOctopus]

One night this week, I can show you the steps I took. Doing it alongside foxgirl was far less of a hassle than going solo.

Buying crypto on coinbase doesn't seem necessary to me. My guess is you could simply deposit funds into exodus and purchase the crypto right there?

My route was through paypal, though I suspect that wasn't required either.

 

[tubby]

You only have to report things once you sell or otherwise dispose of crypto (kind of like how buying stock shares doesn’t trigger reporting, but selling them does). With USDT/USDC, you ought to be able to sort out whatever’s required afterward, because no capital gain or loss will arise. With BTC (or any other asset whose price moves around), it could help to record the BTC value at the moment you disposed of it (that is, when you sent it out of your wallet to pay for goods or services), so later steps are less of a hassle.

 

[m100568]

yrrdead said:

RadicalCrimson said:

Aren't US residents required by Know Your Customer rules to provide their taxpayer ID/SSN and to report crypto transactions on their tax returns?

Screw that with an anchor.

Do you have to declare profits the same way as other income? Yes. That goes double when you're on the big exchanges, since they'll hand you the paperwork just like a bank or brokerage would. For tax purposes, picture it along the lines of equities: shifting them from place to place is fine, and nothing is reportable until a taxable event actually happens. Say you pick up 2 bitcoin and send them to a cold wallet — no filing needed. The advice you'll see in most guides here (and other places too) is to keep a separate "encrypted" wallet for your transactions, one with no direct tie to your real financial accounts. Beyond privacy, those direct ties also open the door to accounts getting frozen for any number of reasons.

Do you have to report individual transactions? No.

And really, whether the irs can trace any of this back to you depends on how paranoid or security-minded you are.

I'm no CPA, so take this with a grain of salt, but I don't think that's accurate. When I asked both Gemini and Grok, they gave me essentially the same answer:

What the IRS Says About Reporting
According to the IRS, every digital asset transaction has to be reported — profit or loss makes no difference:

• Straight from the IRS site: "If you have digital asset transactions, you must report them whether or not they result in a taxable gain or loss."
  
• Per the IRS FAQs on digital asset transactions: income, gain, or loss from any taxable virtual currency transaction (crypto and stablecoins included) must go on your federal return, even when no payee statement such as a Form 1099 shows up.
  
• Per IRS Notice 2014-21, the original guidance that treats virtual currency as property: standard property tax rules kick in, meaning a disposition — say, paying for goods or services with crypto — triggers gain/loss recognition.
  
• The paperwork happens on Form 8949 (Sales and Other Dispositions of Capital Assets) together with Schedule D (Capital Gains and Losses) on your Form 1040. Even when the gain/loss comes out to zero, like when basis matches the fair market value at disposition, you still have to account for the transaction to satisfy the rule that all dispositions get reported.

So to wrap up: IRC § 6045 does require brokers to report proceeds, which is how the IRS keeps tabs on transactions, but the taxpayer's own duty to report dispositions — profit or not — comes from crypto being treated as property under IRC §§ 1001 and 61, as the IRS guidance spells out. Skip the reporting and penalties can follow, even when no tax is due.

 

[New2ton]

Gr33dyOctopus said:

One night this week, I can show you the steps I took. Doing it alongside foxgirl was far less of a hassle than going solo.

Buying crypto on coinbase doesn't seem necessary to me. My guess is you could simply deposit funds into exodus and purchase the crypto right there?

My route was through paypal, though I suspect that wasn't required either.

I've gone through both routes: Coinbase and my Exodus wallet. With a debit card on Coinbase, my purchases were capped at $30/week, though the fees came out lower. When I used a debit card via Exodus wallet, the fees ran higher, but there was no cap on how much I could buy. That's just what happened in my case with a debit card, so YMMV. On Coinbase, paying by bank transfer gave me a $15,000 daily limit, but the funds sit for 7 days before you're able to move Crypto over to your Exodus wallet.

Maybe you already knew all this, but I figured I'd pass along the small amount I picked up from my handful of purchases.

 

[yrrdead]

m100568 said:


I'm not a CPA, but this may not be correct. Both AI Gemini and Grok say basically the same thing:

IRS Guidance on Reporting RequirementThe IRS has consistently stated that taxpayers must report all digital asset transactions, regardless of whether they result in a gain or loss:

• From the IRS website: "If you have digital asset transactions, you must report them whether or not they result in a taxable gain or loss."
  
• From IRS FAQs on digital asset transactions: Taxpayers must report income, gain, or loss from all taxable transactions involving virtual currency (including cryptocurrency and stablecoins) on their federal income tax return, even if no payee statement (like a Form 1099) is received.
  
• From IRS Notice 2014-21 (the foundational guidance treating virtual currency as property): General property tax principles apply, so dispositions (e.g., using crypto to buy goods or services) trigger gain/loss recognition.
  
• Reporting occurs on Form 8949 (Sales and Other Dispositions of Capital Assets) and Schedule D (Capital Gains and Losses) of your Form 1040. Even if the gain/loss is zero (e.g., due to basis equaling the fair market value at disposition), the transaction must be accounted for to comply with the requirement to report all dispositions.

In summary, while IRC § 6045 mandates broker reporting of proceeds (which helps the IRS track transactions), the individual taxpayer's obligation to report dispositions—even with no profit—arises from the property treatment under IRC §§ 1001 and 61, as clarified by IRS guidance. Failing to report can lead to penalties, even if no tax is owed.

Click to expand...

Alright, in that case I'll handle it the same way I handle speed limits.