Do you deduct business costs from your taxes as a full time crypto trader? How far can this go? Lapto, car, rent, gym cage, chair, table, monitor, keyboard, lights, AC, new phone, travel ticktes etc etc etc. Jusymt how much can we deduct as business expenses?

>>60576274 (OP)
Anything specific, no general cost of life. Laptop if you have another private device, car up to the cost of driving to crypto events or your crypto trading office, flights and hotel for crypto events, office including partial AC cost, no gym.

>>60576274 (OP)

>>60576274 (OP)
the taxman will destroy you for reporting all of that

>>60576376
He'll be fine as long as he documents the business purpose of every allowed deduction and doesn't try to write off any personal use.

e.g. I spend several hours every month calculating how many business miles I put on my personal vehicle and then calculating the business portion of expenses.

home office is similar, you have to calculate square footage used for business and then never use it for personal stuff.

computer or phone, same deal. Have one laptop for business and another for personal and never mix them up. Same with internet. Once connection for me, one for my business. I have one phone for me, several more for business.

that stuff is fine, it just has to actually be business use. You're allowed to write off actual costs of doing business.

>>60576390
if you're meticulous enough to document and explain everything then yeah, otherwise i wouldn't risk an audit trying to write most everything off if it's just marginally for business

>>60576418
Yep, writing off business expenses almost guarantees an audit.