pay tax on bitcoin profit

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Simply put, if you make a from , failing to report it could potentially get you into major trouble. The good news is that there are a few ways you might (legally) be able to avoid .

Think of like stock. You wouldn’t use your Facebook shares to for a new car or your monthly groceries, but you still have to report your investment gains on your . The same goes for a home you’ve sold at a .

https://cointelegraph.com/news/only-802-people-paid-taxes-on-bitcoin-profits-irs-says

When are sold, the income it generates can be offset against their cost but any or losses are capital gains, which is taxable. You do not have to the themselves, and if you bought but never sold any within the year, you would have no liability.

If you sell , you 24% on . I hope you have proof of your purchases, because you may need to provide that later down the line.

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