I mined crypto between 2018-2022. I vaguely remember the tax reporting rules being different back then and was treated similar to stock assets which were reported at the time of realized gain/loss.
Long story short, the mining “income” was never reported and I sold a big chunk in 2024. Would it be possible for me to report the sale in 2024 with zero cost basis? I would really rather not have to amend 5 years of tax returns.
IMO, whoever came up with these rules to tax unrealized gains on a highly volatile asset class is making things more complex and confusing than it has to be. “We are in this together, but only when you are making money.”
