Bitcoin Taxes Reddit, This guide will help you figure out how to track cryptocurrency transactions for tax season. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Learn how to file your crypto taxes in the US for the 2024–2025 season. Now the problem i have with this is that they list a… It looks like this post is about taxes. Real quick, I used … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Key Takeaways While there’s no way to evade crypto taxes, there are strategies you can use to legally reduce your tax bill. The law is silent on the interaction between crypto and wash sales, let alone even mentioning the tokens … Buy Bitcoin , record the price you bought it for and the date in a spreadsheet and wait at least 1 year before selling it or taking profits so if you do decide to pay taxes on profits you are at least … We would like to show you a description here but the site won’t allow us. Bitcoin is averaging, over time, gains of roughly 140% per year, and is likely to continue massive gains for years and years to come. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … If you sold the Bitcoin in the cash app you will get a 1099 and will have to report on your taxes. 13 votes, 26 comments. I never sold the Bitcoin. Mom and dad aint gonna bail you out thanks to Biden Democrats raising taxes on evil evil rich people like you for buying Bitcoin. I bought them on coinbase and immediately transferred them out. … Explore crypto taxes in 2025 with practical tips and insights for investors to navigate evolving regulations and maximize tax efficiency. He represents individuals and businesses with tax issues related to Bitcoin and other cryptocurrencies, … The crypto tax software I use has this guide on the IRS tracking cryptocurrency and it says this on how does the IRS know our cost basis: "Tempted to tweak your cost basis in order to pay less … 26 votes, 106 comments. However, as it is a grantor trust ETF, there are some complications … We would like to show you a description here but the site won’t allow us. : r/CryptoCurrency Bitcoin (and probably anything electronic) is the wrong solution to that problem. Can't avoid paying tax but doesn't mean you have to pay an arm and leg. I am a bit concerned about the tax part that I will have to fill out the coming year. tax but I want to be sure that it will provide everything thing I need at the end of the tax year when I … We would like to show you a description here but the site won’t allow us. I’d suggest a crypto tax software, there are plenty, that make this easy to do. It's best to be proactive with HMRC, they are starting to … 12 votes, 55 comments. IDK, is everything ok with the Tax on crypto. I haven't paid every year because I don't always do a … We would like to show you a description here but the site won’t allow us. The other three (Koinly, cryptotaxcalculator. According… Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. tax to compile all of my mining payments and … Bitcoin Beginners is a subreddit for new users to ask Bitcoin related questions. You: Have a capital gain of $50, that you pay the capital gains tax on (ST or LT rate. To play a devil's advocate, is the decentralization and sudo-anonymous nature of bitcoin a weakness? Iv spoken to a few people with very socialist leanings and they are afraid of bitcoin … Koinly - Koinly — Free Crypto Tax Software Bitcoin. and International, Federal, State, or local. ) taxes in what I believe was the correct manner. Is Bitcoin Traceable? Yes, … It'll shine a light on how to do bitcoin taxes in different countries and how to do them using a crypto tax software, which btw, those are a timesaver. Hello tax optimizooors and happy Bitcoin ETF day! It's crypto tax time again and I've begun researching apps and sharing… For a more complex situation as this, I recommend using a crypto tax software to calculate all the taxes you owe since it will save you a lot of time. tax) submitted 4 years ago by crazycouponman to r/referralcodes comment share … The IRS is accepting public comment on bitcoin tax issues, which may hopefully lead to a more comprehensive and favorable set of regulations sometime in the future. Then, … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. io and … Precisely. What if I… Does one have to report for taxes if you bought bitcoin and promptly sent it out without selling it or making money? As the title notes. Capital gains tax: Selling your crypto, trading your … I found that two of the apps (bitcoin. Tax reporting in Canada is voluntary, and I would always suggest that you volunteer any transactions from 'crypto' to CAD, so you can be tax compliant. I felt confident … The . Say for … The IRS treats all cryptocurrency, like Bitcoin and Ethereum, as capital assets and taxes them when they’re sold at a profit. If you buy, sell, exchange … We would like to show you a description here but the site won’t allow us. Strategies like tax … Hi Reddit, I'm Andrew Gordon, a tax attorney & CPA who's been practicing cryptocurrency tax law since 2014. io) appear to be ignoring fees from its calculations meaning it under-reports. Hello, In August I got a bit into Bitcoin and started buying it off Cashapp and sending it to a wallet. I only ended up getting $13 worth of BTC in my wallet It offers peer-to-peer money transfer, bitcoin and stock exchange, bitcoin on-chain and lightning wallet, personalised debit card, savings account, short term lending and other services. I am planning to sell one within the next year. I use cointracking. I bought bitcoin with AUD on an exchange to use in an online casino, had a fairly big return. trueTo me, the tax avoidance possible with bitcoin will force governments to move away from inefficient and distorting forms of taxation (income, corporate profits, capital … Hypothetically, if you're unemployed (0 earned income) but made a million dollars in capital gains bitcoin in 2017, sold it all to put altcoins in… Try connecting your accounts to a crypto tax calculator and that should be able to automatically categorise all of your activity and calculate any tax due, even as far back as 2021, so you can … Does owning Bitcoin ETF in tax sheltered account such as Roth IRA COMPLETELY ELIMINATE all crypto tax reporting requirements? I understand your firm will report your contributions to … FS-2024-12, April 2024 — The Internal Revenue Service reminds taxpayers they must answer the digital asset question and report all digital asset related income when they file their 2023 … This is a US-centric tax guide Most questions in this sub are for US crypto taxes. How do you all keep track of all your trades for tax purposes? I’m planning on using pancakeswap to trade, along with coinbase… We would like to show you a description here but the site won’t allow us. Why does us common people who have capital gains on Bitcoin need to pay govt tax? Bitcoin wasnt created or managed by govt… We would like to show you a description here but the site won’t allow us. First you have to pay taxes on the sell to usdc and then later when you sell the usdc for bitcoin you are paying taxes again. I help investors with their tax returns, audit representation, and tax debt resolution, … Regulators strongly believe that crypto is contributing to the ever-increasing tax gap. Going through Credit Karma's site for taxes now brings you … How are people supposed to sustainably file their crypto taxes after having used Coinbase Pro? Getting paid in crypto? Learn how crypto income is taxed in 2025, IRS rules, reporting forms, and tips to manage and reduce your crypto tax liability. bitcoin. 1 bitcoin is now worth $4000 dollars and I trade it for ethereum. (Disclaimer: I’m not a tax professional and you should do your own research before you sell … We would like to show you a description here but the site won’t allow us. Hi everyone! My tax guy said that I don’t need to report selling Crypto to the IRS. I don't believe these numbers are correct because I … Credit Karma was acquired by intuit (owns TurboTax) and as a result was forced to sell Credit Karma taxes to Square/Cash app. Government taxes will have to pivot from income, to taxes on consumption. Which boils down to the accounting methods your software supports, per asset class. S. tax fair in comparison to cointracker. It would not have been hard to calculate and pay estimated tax on the bitcoin proceeds at that time and … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Tax: Calculate your taxes across all crypto exchanges in one place and get $5 off! (bitcoin. How hard … The idea to tax "gains" on instrument that is not universally accepted as a payment instrument within the administrative borders of a country is at best questionable. This guide breaks down everything you need to know … Every state with an income tax will tax Bitcoin profits in generally the same way they tax other income, but some states have special considerations. I am looking to sell a couple thousand $ worth of Bitcoin for my friend thru my Coinbase, will I have to pay taxes? The issue is later on, paying all this tax on let’s say bitcoin when countries will allow it to be a means of global trade tax free We get bent over enough as it is US gambling tax can be very complicated, but if you know and could prove you have a net loss, then you would report all of your winnings as gambling income on schedule 1, line 8b. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Bitcoin. This got me … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. I'm not paying for that. (Taxes and Licenses category): $250 LLC application and $300 Secretary of State fee (Texas). Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … 827 votes, 615 comments. tax has been good for me in past, had used it many times. tax for years with minimal problems (most issues had to do w source of data, being coinbase) We would like to show you a description here but the site won’t allow us. … One thing, however, is clear: Although both the public and the crypto community refer to bitcoin and altcoins as virtual currencies, the IRS treats them as property for tax purposes. In 10-40 years it is possible Bitcoin could be worth … We would like to show you a description here but the site won’t allow us. You’ll owe taxes if you sold your bitcoin for more than you paid for it. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Hey! Recap's a crypto tax calculator so just chipping in with our perspective here Crypto tax calculators are likely to work first time for simple trading (buy hold etc) but once you start doing … We’ll also share a simple method that can help you report your cryptocurrency on your tax return in minutes. Bitcoin Tax in The Netherdlands Hi there. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Every time you get bitcoin or any other crypto coming into your account and you cannot account for the purchase, it is assumed that the income crypto is INCOME. In the US all of that is taxable-- the sale, the switch to gold (or any other barter), the sale of gold (gold has a generally worse … Buy Bitcoin , record the price you bought it for and the date in a spreadsheet and wait at least 1 year before selling it or taking profits so if you do decide to pay taxes on profits you are at least … We would like to show you a description here but the site won’t allow us. info? I'm planning on using bitcoin. My CPA is telling me the mined bitcoin is subject to income tax as it’s … Now as I'm filing taxes, I've imported my documents from my brokerage to find out my total gain is $55,000 with a cost basis of $6,000. I have some 'dormant' bitcoin (not much tbh) I want to cash out. So why you going to pay again? Not sure … Selling, using or mining Bitcoin or other cryptocurrencies can trigger crypto taxes. the accountant calculates it and he should owe maybe 200they send forms to its decision has … We would like to show you a description here but the site won’t allow us. tax gave me a 12-page long form 8949 and I'm not interested in entering in all the individual trades into TurboTax. The IRS is experiencing significant and … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Hello so my husband gets letter saying he owes 12,000 for bitcoin from 2021 it’s totally wrong. There's many recommended here. The IRS has been actively targeting crypto tax evasion for years. I sent the winnings, in bitcoin, back to the exchange to then sell back into AUD. I had 8. Hi. . Since 2012, Bitcoin has evolved from a digital curiosity to a mainstream asset, but its unique nature initially caused tax uncertainty. Ultimately, if you sold your Bitcoin on an exchange to withdraw USD to your bank account, yes, you’re going to … We would like to show you a description here but the site won’t allow us. Hi all, I'm pretty new to the crypto space and I'd like to get ahead on my taxes for the year. Among many things they covered, I thought the following was one of the most overlooked … 10 votes, 21 comments. There are a number of sites where you can input the data and it figures it out for you. If you never claimed the initial mining income, then you would owe income taxes on the full $60k, … How does bitcion. trueWhat happens if I just sell all my shit and don't pay any taxes, would I be fucked? I'm not high income or anything and while it's 5 figures it's not a massive … 34 votes, 37 comments. Ask Us Anythingfollowing comments are exchanged We would like to show you a description here but the site won’t allow us. That seems to defeat the purpose of using the bitcoin. The IRS is experiencing significant and … 43 votes, 101 comments. *Do not respond to strangers direct messaging you, as over 99% of these people are Scammers. The IRS is experiencing significant and … On the other hand some will even argue that hopefully in the future the taxes for sale will go down, perhaps to a level similar to that of a currency, particularly in the case of small transactions. You purchase Bitcoin for $100 Canadian dollars; The value of the Bitcoin you purchased rises to $150 Canadian dollars; You exchange all of this Bitcoin worth $150 Canadian dollars for … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. * Here’s a few examples of transactions subject to capital gains tax and income tax. I’m trying to do my taxes and two exchanges I used provide no records for my transactions. To fund my cash balance, I would send myself bitcoin and sell it immediately after receiving it. You already paid the taxes. I read the crypto tax regulation and … However, reporting your cryptocurrency losses can help you save a ton of money in taxes. The tax gap is the difference between the amount of taxes the … 13 votes, 24 comments. So you even double your taxes (or more since it could shorten the … 31 votes, 58 comments. Mining income is treated as straight income, so you will report all of the coins earned this way on the "Other Income" line in your taxes. Bitcoin. Ok so i received a 1099-B for bitcoin transactions i did on cash app. There are ways to minimize the amount of tax paid, but there is no way to make your crypto gains legally tax free. tax account … If you spent $100 and received $100 in Bitcoin, then immediately turned around and exchanged for something else, the taxable event occurred, but you "made" $0 so would be taxes $0. Yes We Can! (they smile) Remember, if you dont pay, Feds … 353 votes, 432 comments. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … How large is anybody's guess. How much money do you guys save in taxes - that's the most important question. It looks like this post is about taxes. Legal crypto tax loopholes in 2025 help reduce your tax bill legally. Here's a simple step-by-step guide that can help you report your cryptocurrency income to the IRS. So let's say I want to cash out $1 million in Bitcoin in the USA. info the 2nd most. The IRS is experiencing significant and … Stupidly Bought Bitcoin on CashApp, Got a 1099-B, and Unsure How to File Taxes as Unemployed Unsolved Hey everyone, I'm in a bit of a bind and could really use some … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. They support more exchanges than bitcoin. You put your paycheck to bitcoin. I called the CRA this morning in order to (hopefully) clarify some of the nagging … Owning bitcoin is like having money in an offshore bank account, where you own the bank. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Inheritance tax, … How do taxes work with bitcoin mining? Just wondering if anyone has knowledge about taxes and bitcoin mining in the US. Is that true? I earned money, paid income taxes on that money, then paid sales taxes and other taxes for everything I need to survive on the already taxed money, and some of the money I have … If you are a US citizen, you cannot legally avoid taxes on crypto. I've looked at some different… We would like to show you a description here but the site won’t allow us. I understand I don’t … Unfortunately, the tax code is silent on how to treat these types of crypto transactions. What’s the point of… We would like to show you a description here but the site won’t allow us. 22 votes, 23 comments. Do I have to have an explanation as to where the Bitcoin came from? Or do I just pay the tax on it. Cross is a tax attorney licensed in California and Nevada. Mining equipment and the … We would like to show you a description here but the site won’t allow us. Here in France we pay about 40% tax. We haven’t … Did it make tax reporting easier or more difficult? Any tips or advice for others who are looking for a good crypto tax software option? Additionally, if you've worked with a CPA/tax preparer who … Learn the basics of crypto taxes, like how crypto is taxed, the crypto tax rate, and how to report crypto on taxes. Would I need to file it on my taxes? Cashapp sent me a 1099-B form … No, Americans don't pay a tax when they give someone bitcoin as a gift. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … If you are looking for a legitimate way to minimise tax, it may be worth speaking with an accountant (most offer a free consultation). Understand IRS rules, reporting requirements and … 8% mixed income tax (what conditions determine whether crypto investments fall into this category?). tax in my case and have used it since filing taxes in 2014. Learn how to stay compliant while keeping more of your crypto gains. trueI bought BTC between $800-$1000 back in 2017. If you immediately sell, you have a buy/sell transaction, but the price will have moved very little and … Together delivering Bitcoin nourishment to the world The capital gains tax allowance was £12,300 but is being reduced to £6,000 for the 2023/24 tax year and again to £3,000 for 24/25. e. It offers peer-to-peer money transfer, bitcoin and stock exchange, bitcoin on-chain and lightning wallet, personalised debit card, savings account, short term lending and other services. io has brief guides for … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Do you have altcoins or Bitcoin in your financial portfolio? Here’s everything you need to know about reporting cryptocurrency … Huge amount of your Bitcoin tax is going to fund bombing people in countries we've never even been to. tax - Bitcoin and Crypto Taxes Cointracking - CoinTracking · Bitcoin & Digital Currency Portfolio/Tax Reporting Share Add a Comment Sort … We would like to show you a description here but the site won’t allow us. The IRS is experiencing significant and … Tracking crypto transactions is not easy. It’ll just hurt because you’ll end up overpaying since you lose all your cost basis on coins from previous years. The IRS is experiencing significant and … What if I buy, sell, exchange or trade Bitcoin on multiple exchanges including Cash App? Cash App only provides records of your Bitcoin transactions on Cash App. tax, Cointracker, and Accointing are a few tax softwares you can use. A friend of mine withdrew a large sum of crypto to purchase their house and didn't set aside anything for taxes. Getting CSV file from most exchanges is a pain and that’s what you will need when filing. So … We would like to show you a description here but the site won’t allow us. This is also " Not Tax Preparation Advice ". I'm Andrew Gordon, your go-to tax attorney and CPA for all things crypto tax-related. Its almost better to make a full data set of everything you have and just take … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. An overwhelming 84% of cryptocurrency investors aren’t completely confident … Use some good software. , according to your… I just attended a crypto tax webinar hosted by the IRS. Please note that Rule #4 does not … Free software? Looking into free, crypto tax software, specifically for turbo tax and was wondering if anyone has any recommendations, all the big names I keep finding usually run you 100 … If you had bitcoin (this is a bitcoin subreddit right?) when you ceased to be a resident of Canada for tax purposes, you would have had to declare them as sold, i. Spending crypto on goods … We would like to show you a description here but the site won’t allow us. How to prepare for IRS 2024-28 changes for your crypto taxes in 2024 and into 2025, and using the bitcoin. They would tax bitcoin in some way. tax, so frequently I pull trade data there, export it and then import it into my client's bitcoin. Here's what you need to know about crypto and taxes. As mentioned, it's great because everything is transparent, but it also means that the IRS will easily figure out if … Because this is a sale, the IRS considers it taxable. Either tax it per transaction or tax it on a wealth holding … Would I need to also check the box regarding gambling winnings on the tax form, and would that be double reporting? This is where you may want to get a tax professional involved. The IRS is experiencing significant and … Also, in Reddit post (r/bitcoin) in Feb 2018 We are three CPAs ready to answer your tax-related cryptocurrency questions. * Buy/sell/buy…how do the taxes work? If I wanna micromanage my coin by selling high and buying in again low, repeat ad fortuna…. Or, should I add my crypto profit to my annual income and pay taxes based on my … This guide covers questions like how to avoid crypto tax legally, how to offset crypto taxes with losses,,how to borrow against crypto to … The person you give it to would not be responsible for any tax until they themselves dispersed the BTC and they would owe tax on the gains from the asset value on the day they recieved it. 39 votes, 217 comments. As bitcoin approaches its all-time high, here are the top 6 things to keep in mind to NOT get screwed by taxes. You … How does paying crypto taxes work when you received staking rewards? Can you please give me an example because I am having a hard time understanding the taxes you have to pay for … Should I use FIFO or HIFO on my crypto taxes, what do you guys personally prefer and why? Also can I change from one to the other next year and the… I do crypto taxes for a living. Since 2014, I've been helping investors and businesses navigate … Tax Question: Bought crypto, but didn’t sell or exchange any…do I report that on my 2021 Tax Return? We bought some crypto last year and we transferred it to our cold Wallet. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. When you move your bovada credits into bitcoin, that is a bitcoin buy for tax purposes. trueGBTC is an ETF and taxed like a stock, therefore all the regular forms such as Form 8949 and Schedule D are required. I already paid the interest tax, but received a letter (CP2000) from the IRS claiming I owe about $5,000 more in taxes, plus $800 interest and a $1,200 substantial tax understatement penalty. I have my crypto tax report from one of the 3rd party companies, koinly, that calculates your gains and everything. (Self-Income section): I used cryptotrader. He handed me the IRS Noticev of Deficiency stating his increase in Tax is $17,500 and his substantial tax … Discover how to avoid paying taxes on crypto with 5 legal strategies for investors, traders, and DeFi users worldwide. For the last-minute filers, don't forget that the IRS needs you to report digital asset transactions like Bitcoin, crypto and NFTs. It sucks to pay tax on crypto gains, here are some good ways to stay off the radar of the tax man. Understand crypto taxes and how the IRS treats cryptocurrency investments. Learn what constitutes a taxable event and … We would like to show you a description here but the site won’t allow us. I've used Bitcoin. Coinbase doesn’t know what the cost basis for that bitcoin was because it was taken off of the exchange. Can I cash out in… In my country, if you convert Bitcoin to national currency and make a profit compared to when you acquired it, you have to pay taxes on those profits. However if ever you do come into notice they're going to go all the way back down your transactions on the exchange to account for every bit of crypto you've … The IRS taxes crypto as property, similar to stocks, so there are two main types of cryptocurrency taxes: Capital gains tax from trading Income tax from rewards or earnings This applies to … We would like to show you a description here but the site won’t allow us. I've bought a few different hair preservation research … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Here's a guide to reporting income or capital gains tax on cryptocurrency. Therefore it … Lana Dolyna, EA, CTC 7 min read Share this post Yes, Bitcoin is taxable in the United States. We would like to show you a description here but the site won’t allow us. Please note that promoting tax … But, I think that if you exchange Bitcoin for a house, your recognized gain would be the difference between the fair market value of the home and the price in which you acquired the exchanged … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. I don’t have any … (US) My understanding is that is you have bought already Bitcoin at $30k and then convert it to ETH sometime this year at $40k, then you have “sold BTC” and owe taxes on the $10k. tax safe harbor tool Taxes care about the value of bitcoin when you bought vs sold just like stocks. Just wondering how many of you guys are actually paying their taxes from mining BTC or just trading, etc. Their expertise not only provided clarity on the fundamentals of Bitcoin but also offered valuable insights into the intricate world of crypto trading and investment strategies. "deemed disposition" and … The tax laws have always been clear - bitcoin wasn’t going to be some untaxed mecca. The IRS is experiencing significant and … I spent a lot of time gaining information on Reddit so I figured I'd give back by summarizing how I filed my (U. 1 ETH on BlockFi in my BIA account that I have received nothing for does anybody know if we can write this off as a… We would like to show you a description here but the site won’t allow us. The numbers I used show an example of someone in the highest tax bracket. Testing the water is really risky instead I’d personally just find ways to lower my … Calculating the foreign tax credit from international stocks, federal sourced income for state taxes, or wash sales across multiple accounts and then having to correct all your 1099s is harder … I have used bitcoin. It may be a bit too late now, but some people use … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. I have to pay 300k 30% in capital gains tax. tax) submitted 20 minutes ago by Party_Ad8213 You'll learn about crypto tax rates, how to file crypto taxes, and other important details about this complex subject. Calculate Bitcoin and crypto taxes of capital gains and income for Bitcoin, Ethererum, and other alt-coins from trading, spending, donations / tipping … You can't get tax advice without identifying what country you're in. Occasionally you may see questions about taxation in other countries. I just got an email yesterday saying I have till tommorow to file for taxes with just $50 bucks on the app (times are rough 😣). The IRS is experiencing significant and … We would like to show you a description here but the site won’t allow us. " Not Financial Advice ". Here's … Getting paid in crypto? Learn how crypto income is taxed in 2025, IRS rules, reporting forms, and tips to manage and reduce your crypto tax liability. Maybe you don't need one now but … We would like to show you a description here but the site won’t allow us. Do You Have to Pay Crypto Tax to the IRS? Yes, the IRS considers crypto transactions taxable when you buy, sell, or trade. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … In terms of taxes, what do you guys do? Do you declare what you have and pay taxes? How does the government consider Bitcoin? I know in the UK winnings are not taxed, it's not very clear … Hey everyone! Earlier this week, I made a post on taxes and someone asked me whether transferring crypto between wallets is taxable. tax and cointracker. Treat every trade or spend as the sale of a small slice of property, keep clear records, and … 26 votes, 109 comments. For all we know they have a system that automatically logs Reddit posts of idiots asking for tax invasion tips. I just found out my son traded Crypto on Robinhood and didn't report it on his taxes. I wanted to write up a longer post to explain the … If Bitcoin goes to $60k, then you would owe capital gains taxes on the difference ($30k). Cryptocurrencies in the United States of America are subject to property and income taxes according to the Internal Revenue Service, which issued a decision to treat Bitcoin and other … Based on the rapid increase in popularity and price of bitcoin and other crypto currencies (particularly over the past year), I expect that lots of people have questions about how crypto … Just because you convert bitcoin to cash don’t mean you have to pay taxes. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … These include cryptocurrency tax audits, severe financial penalties, and even criminal tax investigations. If the person who receives the gift is an American, then they are required to calculate their capital gains/losses … 372 votes, 658 comments. Bitcoin Beginners is a subreddit for new users to ask Bitcoin related questions. It's also essential for you to reconcile and ensure transfers between exchanges are accurately represented, … We would like to show you a description here but the site won’t allow us. I can’t imagine the government would get mad at me for paying additional taxes on my distributions today considering they are technically “refunds” from funds I already paid taxes … Final thoughts Paying crypto taxes doesn’t have to be confusing or cumbersome. Held for >1yr = LT) You pay sales tax on the purchase, typically differs by state, maybe around 4-7% of the … We would like to show you a description here but the site won’t allow us. Anytime you make a goods … You may have to report transactions involving digital assets such as cryptocurrency and NFTs on your tax return. I use Koinly for my tax reports because it is … It doesn't necessarily mean taxes are going to be owed though depending on amounts/threshold. If you don't pay taxes on gains from bitcoins you are a tax cheat in the government's eyes. … The tax rates for Ordinary Income and Capital Gains depend on an individuals' tax bracket / annual income. 104 votes, 169 comments. Generally speaking, for gains you have to pay capital gains taxes if you have held the … Of course if a country did get rid of fiat currency and use bitcoin exclusively there will still be taxes. Soon, the IRS … 86 votes, 308 comments. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central … THE AUTHOR Tyson P. The IRS is experiencing significant and … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Here's … Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. I believe … We would like to show you a description here but the site won’t allow us. Even if we don’t sell our bitcoin for fiat and the house seller accepts bitcoin, you’ll end up being owner of a house that “you can’t afford” according to your declared income. tax service. However, buying Bitcoin with your currency … We would like to show you a description here but the site won’t allow us. If bitcoin gets so huge that we are all rich you can bet your ass they will be poring over … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Many investors view cryptocurrency as a good investment, but they worry about a potentially big tax bill. If you need help with crypto mining tax, our crypto accountants are here to light the way! Here's how to report mining on your tax return. I have never filed my taxes personally always paid someone else. What are the tax ramifications? I’m new to this (and trading … Read our 2025 tax guide for US Bitcoin investors: IRS rules, tax optimization and filing guide. So … If you don't file any of your Bitcoin tax information of your own for them to reference come tax season, then they'll default to Coinbase's or whatever … We would like to show you a description here but the site won’t allow us. Some states have no … Selling, using or mining Bitcoin or other cryptocurrencies can trigger crypto taxes. I know Reddit is the best place to ask Dutch about the Tax. Cointracker. It also allows you to connect directly to some exchanges to get/track your trades and calculate you cost basis/gains for you … Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unsolved Crypto bitcoin question, report on miscellaneous income or crypto gain/loss? (self. rpcjuo sbot ehnwge qwqoitq fqxkp tuwzxosq gikken hod kjzc xzffp