CountOnSheep | Crypto Tax (@countonsheep) / X

CountOnSheep | Crypto Tax

3,153 posts

CountOnSheep | Crypto Tax

@countonsheep

We are the #1 crypto tax reconciliation & preparation firm. $50 million+ in tax savings generated. Daily Crypto TaxTips + Free consultation 👇

linktr.ee/countonsheepX

Joined September 2023

Pinned
CountOnSheep | Crypto Tax
@countonsheep
Jan 22
What is Count On Sheep and what is a crypto tax service?
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89K
CountOnSheep | Crypto Tax
@countonsheep
Jun 25
The Senate Finance Committee may release its crypto tax framework as early as this fall. That matters because this is no longer just a broad “crypto regulation” conversation. The tax-writing committees are now focused on specific parts of the code that affect everyday crypto
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CountOnSheep | Crypto Tax
@countonsheep
Jun 19
Illinois just signed a new crypto tax law. Starting January 1, 2027, Illinois will tax certain digital asset activity when it is provided to Illinois customers by a digital asset broker. The rate is 0.2%. But the important part is what the tax applies to. It covers
Crypto Council for Innovation
@crypto_council
Jun 16
Illinois Governor Pritzker just signed the most punitive digital asset tax in the country into law. This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the
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CountOnSheep | Crypto Tax reposted
FBI Director Kash Patel
@FBIDirectorKash
Jun 19
Crypto Fraudsters have been scamming and taking advantage of the America people for too long. No more! This FBI will find you, and we will bring you to justice! -DKP🇺🇸
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CountOnSheep | Crypto Tax
@countonsheep
Jun 18
A lot of crypto investors think their exchange CSV is the whole tax picture. It usually isn’t. Your exchange may show buys, sells, deposits, and withdrawals. But it does not always know what happened after funds left the platform. If you sent assets to a wallet, bridged
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CountOnSheep | Crypto Tax
@countonsheep
Jun 18
DeFi taxes get messy because the activity doesn’t look like a normal trade history. You might have swaps, LP deposits, rewards, claims, unwraps, bridges, staking, lending, and withdrawals spread across multiple wallets. On-chain, it’s all just movement. For tax reporting,
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CountOnSheep | Crypto Tax
@countonsheep
Jun 16
Congress is looking at applying the wash sale rule to digital assets. In simple terms, the wash sale rule says that if you sell an asset at a loss and buy the same or a substantially similar asset back within 30 days, you may not be able to claim that loss right away. That
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CountOnSheep | Crypto Tax
@countonsheep
Jun 12
Market’s red, which means everyone is checking their portfolio. But most crypto traders are only looking at price. They’re not looking at the tax side. If you’re down bad on certain positions, those losses might be useful before year-end. You may be able to realize them
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CountOnSheep | Crypto Tax
@countonsheep
Jun 4
Markets are red, but this is exactly when crypto tax planning starts to matter. If you’re sitting on bags that are down bad, those losses might not be totally useless. In some cases, you can sell, lock in the loss, and use it to offset gains from earlier in the year. Most
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CountOnSheep | Crypto Tax
@countonsheep
May 21
Most crypto investors are not trying to dodge taxes. Most of them genuinely have no idea what their tax situation looks like. They traded on one exchange, moved funds to another, connected a few wallets, chased airdrops, bridged into some random chain, staked something, sold
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CountOnSheep | Crypto Tax
@countonsheep
May 19
If you filed a crypto tax extension in April, May is the danger zone. This is when people mentally file the problem away, then reopen it in September and realize their "simple" return depends on four wallets, three exchanges, missing basis, and a DeFi protocol that no longer
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CountOnSheep | Crypto Tax
@countonsheep
May 14
If you traded across Coinbase, Kraken, wallets, DeFi, NFTs, bridges, and random chains... Your tax software is only as accurate as the cleanup behind it. Bad labels in = bad tax report out. Crypto tax software helps. It does not magically know what every transfer, swap,
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CountOnSheep | Crypto Tax
@countonsheep
May 5
If you filed an extension because your crypto taxes were a mess, that’s fine. But don’t wait until October to open the same broken CSVs again. The whole point of extension season is to fix the records while there’s still time. Contact us if you need help!
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CountOnSheep | Crypto Tax
@countonsheep
May 5
The IRS doesn’t care what your PnL screenshot says. It cares what your Form 8949 says. If your exchange reports proceeds without cost basis, a break-even trade can look like pure profit on paper. That’s how people end up severely overpaying.
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