I am not a tax expert but my experience is that if you report profits, they will tax them without asking too many questions.
The problem could be if you report losses, you'll have to fight to have them recognized.
Good luck will be needed here :-)
RE: The two dreaded words...Income Tax
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The two dreaded words...Income Tax
IRS doesn't always have all the facts going into an audit, they require the taxpayer to provide information you would think they already have sometimes. I don't think it's just losses that trigger audits. I hope to get a lot of smart minds together and formulate a plan of the best tactic to start and continue with, this is the most important thing IMO. I will take
all the good luck you're willing to give, feel free to stop by the discord to stay in the loop, would love to have you.
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