Lol, it’s not. The IRS doesn’t care about your brokerage sales unless you’re liable for a capital gains tax, which wouldn’t happen if you are not making a profit.
Plus, if they received a huge pile of paper about your trades that didn’t include a 1099-b, which is literally just like 1/4 of a sheet of paper…they would just request it from your brokerage.
Anyone who thinks the IRS is some evil org has just never done their own taxes and listens to propaganda from billionaires who don’t think taxes should exist.
If you’ve ever really had a legal problem with the IRS, you were more than likely purposely evading taxes and deserve the trouble. They are actually really reasonable to work with, and usually bend backwards to resolve the issue in several different ways before pursuing anyone legally.
knightly@pawb.social 5 weeks ago
Dudes who have more money than sense that risk their trading access and waste hundreds of thousands of dollars just to make paperwork for the world’s (formerly) most cost-effective and most highly armed accounts-receivable department?
Lol, yeah. I want to believe this too. Imagine having the (formerly) cushy government job where you get to process all of this and if you fuck it up then the guy has to prove you wrong to contest your assessment. Hell, I’d audit the guy just to be thorough, that many zero-profit transactions probably smell like money laundering. XD