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Yes, the IRS can tax bitcoin and other cryptocurrencies. What you need to know

Yes, the IRS can tax bitcoin and other cryptocurrencies. What you need to know



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14 Comments

  1. Until unrealized capital gain taxes becomes a thing then we’re all fucked even if we don’t sell. The biden administration is already looking at ways to implement it. And this isn’t a political stance or bash on the dude it’s just the reality of what’s happening right now.

  2. tldr; The IRS has started a “virtual currency compliance campaign” that will include public outreach but also “examinations.” The agency sent letters in the summer of 2019 to 10,000 people alerting them to their tax obligations regarding virtual currencies. If you fail to pay the tax you owe, you could face interest and penalties and even criminal prosecution.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. They do tax the realized gains, the same way they do with stocks and other investments. If you just hodl you won’t owe any taxes. And if you sell after owning for more than a year you’ll only have to pay the capital gains tax rate.

  4. Year 2021 the IRS should be automated, and simplified by now. What upsetting is the IRS takes a 33% OF MY PROFITS and take no fcking risk. Nothing but CARTELS..CROOKS AND BANDITS.

  5. It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about.

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  6. Everyone here says that you’ll pay taxes “only when you sell”. What about trade?

    Say I buy $100 in BTC with USD. That BTC is now worth $300 and I use that BTC to buy ETH. Do I now have to pay taxes in the $200 gain since I no longer have that BTC asset?

    Or…do I only pay taxes on my gains when I finally settle back into USD? Regardless of how many different currencies I’ve traded into?

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