IRS just dropped a $1.1 k “capital gains” bomb on me for plain-old USDT ↔ USDC swaps on the now-dead Voyager app… anyone manage to shake this off?
Yesterday’s mail ruined my whole chill: big brown envelope from the IRS sayin’ I somehow owe a smidge over two grand in taxes. The statement shows every single time I nudged Tether into USDC last year on Voyager—like, literal dollar-for-dollar swaps—and it treats each one like I cashed out for profit. Thing is, I never left the stable-coin bubble. I only threw fresh cash in once, parked it, shuffled it between the two tokens a couple times ‘cause rates looked better, and that’s still sittin’ cold on my Ledger today. My only “real” gain was maybe twenty-five bucks when I panic-sold a sliver of ETH at a tiny green blip, plus some pocket change from Voyager’s interest drip before everything froze.
Voyager’s site is dust now, so grabbing a fixed 1099 feels impossible. All I’ve got are dusty CSV exports, but they clearly show cost basis and sale price both stuck at one dollar. I’ve started scribbling up a Form 8949 to prove the swaps netted zip, yet the thirty-day reply clock is already ticking loud. Part of me wants to stick a short letter and those CSVs in the mail and pray a human eyeballs it; the other half thinks a CPA’s signature might stop the IRS robots from spitting out another scary notice.
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