This post is going to seem really dumb to most here. I know I'm going to get flamed, but here is the deal.
In early 2018, pretty much post-boom, I became interested in crypto, mostly the blockchain technologies around it, and started looking into alt coins for fun. I made a Binance account and spent probably $30ish dollars? on AMB, then intrigued by the "fun" of messing with trades, learning about other tech, and what not, ended up trading into and out of a few different alts: Lisk, XLM, XRP, etc.
As of right now I have a VERY small balance on Binance.com. I went ahead and logged in today for the first time in over a year, and realized as a US user I'm no longer able to use Binance.com, and instead need to use Binance.us.
I made a Binance.us account and started looking into transferring my balance over to .us exchange. I realized the US partner seems to not support all of the coins including a few that I have. It occurred to me to trade everything into Bitcoin and just move that over, potentially into my Coinbase account instead where I already have a small balance of XLM from CB Earn. If I make trades on this binance.com account will the account get banned/will I see trouble in some way?
THEN it occurred to me, is any of this shit worth it? Each one of these trades is a taxable event right? I've tried to keep track of my transactions, but it's rough, spread out between a google sheet document and a Delta (app) account. I made way more trades than is worth to do with such little value in the assets as it's resulted in a lot of hard to track transactions for very little reward. I don't think the effort towards record keeping for tax reasons is even worth the money in the balance.
I wouldn't mind everything just being converted to BTC or XLM and moved to my Coinbase account, but is it even worth it to have to file taxes on that stuff?
If I trade things around, and get what money is left over to CB where I have a bank linked and cash out soon.. I'll maybe take a loss overall from when I first started, but technically made money on the trades I make this year - do I have to pay taxes on those trades?
What happens in abandoned balances anyway? You aren't taxed on anything you hold until you make a taxable event with it, like a trade right? So if I were to just abandon some of these super tiny balances, I couldn't be held accountable for any potential value increase they see in the future unless I actually go and try and cash out or trade them?
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