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October 11, 2020, 12:27:50 AM |
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I've been out of the game for a few years... ok, like a lot of years. I'm selling some stuff in the marketplace and will likely be taking BTC as payment for some of the items. If I receive Bitcoins at a Coinbase account and immediately sell them for USD, how does this type of transaction affect my taxes?
I'm particularly interested because I intend to use these funds to help with the down payment of a house, and I need everything to be as above board and responsibly done as possible.
Thanks for any input you can provide!
P.S. I hope this is the appropriate section to post in, as I consider this to be "Doing business with Bitcoin".. and I suppose there's an element of trading as I expect to liquidate the BTC immediately.
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