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Although @Bitmaxz already supplied a good source of information, I'll just give a TLDR. The short answer: Yes, you absolutely have to pay taxes for your Bitcoin. If you are a trader, you have to be especially careful because you technically need to pay taxes on every transaction you make. It's important to keep logs of all the transactions you do, recording time, date, amount, reason, etc. It's always better to be on the safe side with this stuff, so more information doesn't hurt!
Thanks for this information. I have wondered about taxation, and it seems like its pretty straightforward like most assets one would trade or acquire.
I think a lot of people make assumptions about crypto taxation because they think somehow its outside of the purview of the IRS, but assets don't need to be dollars or stock equity in order to be taxable, they tax cars, paintings, raw materials, so yeah crypto is the same.
