These new rules, and the effective shifting of the burden of proof, are going to be a major pain in the rear. Tons of people are going to get fleeced by the state, they’ll get their tax bill and pay it without going through all the hoops to show some of it isn’t profit and isn’t taxed. Suckers will get ripped off by the state and everyone else will have to jump through hoops, even if technically nothing is changing in what you truly owe on your taxes.
This is one reason I barely ever sell, it’s simply not worth it because I owe 9.3% of the profit to the state of California and 35% of the profit to the feds. This leaves me with 100% of the risk and only a little over half of the money I get if I sell. At that rate it is much better to trade for other cards I need, even if I’m “losing” in trade value.
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