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Title: Tax questions regarding altcoins and forks Post by: TERA2 on November 22, 2017, 05:28:10 AM I am in the USA. I have some questions. I've been hesitant to sell any more bitcoins because it might push me into a higher tax brackets. However, with my altcoin trading, it may be irrelevant, depending on the answers to these questions:
1. If I trade an altcoin for bitcoin and make a profit in bitcoins, but never touch the US dollar (Sell) by the end of the tax year, are the profits taxed or not? 2. If I am taxed on the altcoin profits, and the the bitcoins that I traded with were a long term hold, are the altcoin profits taxed as a short term hold or a long term hold? 3. If I am taxed on the altcoin profits, what price basis is the tax - is it the price of bitcoin at the time that I closed the trades? 4. If bitcoin forks into bitcoin cash, etc, but I dont sell, am I taxed? 5. If I am taxed on the fork, and the the bitcoins that I had held were a long term hold, is the fork taxed as a short term hold or a long term hold? 6. If I am taxed on the fork, what price basis is the tax - is it the price of bitcoin at the time of the fork? Thanks |