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Title: Tax on profit from bitcoin trading? (in US) Post by: Tabata11 on March 01, 2015, 11:39:52 PM When calculating tax for BTC, do I treat it as property and calculate the total tax I need to pay from trading?
Title: Re: Tax on profit from bitcoin trading? (in US) Post by: bitcointaxes on March 02, 2015, 02:23:05 AM Yes, it's property so you treat it as capital gains.
Work out the difference between what you bought the coins for and what you sold them for, less any fees. That is you capital gain or loss. It is reported in total on 1040 Schedule D and line by line in Form 8949. You can use https://bitcoin.tax if you need help. Title: Re: Tax on profit from bitcoin trading? (in US) Post by: infovortice2013 on March 02, 2015, 05:48:56 PM supposed to pay over profits you take back to your bank from bitcoin markets, like wall street traders
Title: Re: Tax on profit from bitcoin trading? (in US) Post by: RodeoX on March 02, 2015, 05:53:43 PM Note that you only pay once you have realized a profit. So if your BTC is worth more now then when you bought you may still not owe anything. You will owe capitol gains once you have spent or sold the BTC. If your just holding then you have not gained yet. You can also claim a loss on any coins that you spend/sell for less than what you paid.
Title: Re: Tax on profit from bitcoin trading? (in US) Post by: krigger on March 06, 2015, 11:54:35 AM When calculating tax for BTC, do I treat it as property and calculate the total tax I need to pay from trading? You probably asking about Bitcoin exchange.And anser is yes. Every time you make a trade you pay a small tax for it. So make sure you are in profit with that -% which goes for tax. |