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Title: Do I need to file taxes (in USA) on cryptocurrency Post by: voom360 on April 06, 2018, 05:27:51 PM If I only purchased it with USD and did not sell? I only bought other cryptocurrency with BTC. I did not sell any for fiat.
Thanks! Title: Re: Do I need to file taxes (in USA) on cryptocurrency Post by: romandos86 on April 07, 2018, 12:22:27 AM As far as I heard, in the United States a very tough fiscal policy, so it is better not to joke with taxes.
Title: Re: Do I need to file taxes (in USA) on cryptocurrency Post by: cryptothief on April 07, 2018, 01:45:38 AM There are capital gains due on any profits made, and the US government (and others around the world) is getting more proactive in establishing guidelines. I could not find an official document, but these links might help. The first is a news article, and the second is a tax service which is linked at the bottom of the first article.
https://www.cnbc.com/2018/01/30/cryptocurrency-and-taxes-what-you-need-to-know.html https://bitcoin.tax/ At this point I would, at the very least, be keeping meticulous records of all of your cryptocurrency transactions in preparation for reporting. Always best to be prepared, especially when it comes to taxes. Best general advice is to hold for at least a year when possible (and monetarily worthwhile!), as this greatly reduces the amount of capital gains tax payable. Either way, best to get ahead of the game, keep records and put aside enough profits to cover any gains, remembering to keep track of any losses too. |