/biz/ - Business & Finance

Biz i need help with my room temp iq.

Let's say you invest $100 into shill coin X, you then trade shill coin X at $40,000 for shill coin Y, creating a tax event. (Owing the IRS 6k?), shill coin Y becomes a rugpull and you lose all your money. Without deductibles in mind, do you still owe the IRS 6k?

how should i properly file long term capital gains for crypto when i cashout? also should i just file with a $0 basis if i don't have actual transactions from when i bought in ?? (years ago) people say they're anal about having actual proof so filing with a $0 basis seems less risky

>be me, dumb pajeet who has over 200 trades
cant i make up a trade in a defunct website that equals the total amount i made??

All I see is threads about how to evade taxes. I want to pay my taxes in full I don't want to cheat. Tell me how to do this the right way.