If you own bitcoin, here’s how much you owe in taxes"...
https://www.cnbc.com/2018/01/25/if-y...-in-taxes.html
(VIDEO)
As far as Uncle Sam is concerned, bitcoin is not currency. It's property. That means whenever you buy something with bitcoin, it's two transactions, not one. ...
For many, though, bitcoin is just an investment. If you've held those bitcoins for less than a year and sell them, that cash will be taxed as income. If you've held for more than a year, it's taxed as a capital gain — which could run 20 percent. Adding on transaction and accounting fees could raise costs to 60 percent, as was the case for one early bitcoin adopter.
..."
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
What if I buy cryptocurrency with my tax refund? Are they going to tax my crypto that I bought with taxes? (sadly yes, and I do plan to put a good chunk of my return into crypto).
FYI (From an anonymous reddit poster):
"...
So, I started with ~100k, made ~900k, lost 450k in January, and now will have to pay 450k in taxes. Everything is gone.
..."
Full post here:
https://www.reddit.com/r/btc/comment..._have_nothing/
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
(VIDEO) Barely anyone is paying the taxes they owe on their bitcoin gains
https://www.cnbc.com/2018/02/13/bare...oin-gains.html
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
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