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Title: Seeking TAX advise for USA Post by: voom360 on April 06, 2018, 05:47:32 PM Do we need to report our Crypto holdings to IRS, even if they have been exchanged for one another (trading BTC for Alts) and never been traded for fiat?
Title: Re: Seeking TAX advise for USA Post by: hugeblack on April 06, 2018, 06:13:40 PM as far as I know:
The IRS has decided to deal with convertible cryptocurrencies as a property [Payment of tax on capital gains] That means when you make a purchase using Bitcoin, you have to record the amount, subtract the cost from the price and report the difference. So I think you will only pay/report if you make a conversion not holding. you can use this tool to calculate taxes: https://www.bitcoin.tax (https://www.bitcoin.tax) it’s better to move this topic into legal (https://bitcointalk.org/index.php?board=74.0) |