Bitcoin enthusiasts may be in for bad news if they thought they could avoid taxes. The IRS is relentless.
It reminds me of something that happened 20-some years ago. The large corporation I worked for began giving stock options to lower level managers, who often did not understand the tax implications. Some thought they did not have any tax obligation until they sold their stock, but the IRS thought otherwise.
Fuck. Dougster never mentioned that I’d have to pay taxes on my crypto currency.
I've paid taxes 3 years on crypto now, it's easy. Use bitcoin.tax website to import and organize your buys and sells...generate your 8949 and give to your accountant or import to TurboTax or other software. I help an accountant with crypto taxes now...
You aren't required to pay taxes on crypto currency. I don't know what kind of malarkey OP is trying to peddle here.
I haven't paid anything on it the past two years.
People can say anything they want to abkut taxes and crypto but at the end of the day the only opinion that matters is that of the IRS and the US government. Treat it like an stock or bond, if you make a profit, its a capital gain at 30 percent total (depending what state you live in), wait a year and youll only be taxed 15 percent. Dont be dumb, voluntarily pay the taxes so you have pluasible deniability in the event youre questioned about your profit any further. Also buy Ripple, XRP.
@flagooner the only reason you haven’t paid taxes on crypto is because you never bought any. ;) otherwise taxes are due on profits when you sell. Long term 15% (over 366 days, less than that) short term 30%
@25 Oh yeah, maybe that's why.
short term was actually your regular tax bracket in previous years...not sure if trump's plan changes any of that...
Just take the stripper approach: Taxes? What taxes?