Hey all — curious everyone’s opinions...
so I use CashApp to purchase Bitcoin - then send to Blockchain wallet - then to my book.
when I cash out - I send from book to blockchain - then to cashapp (sell bitcoin in cash app) then move to my bank.
cashapp will send 1099B at end of year I’m told...which is fine & expected. My question is if I have history of purchasing $1000 worth of bitcoin, but sold $5000 worth at end of year...how is that taxed? How do they get cost basis? Then how do you show we’re u received additional bitcoins? My offshore book is hard to get statements of withdrawals.
Appreciate any insight...thx