What Tax Do you pay when exchanging Bitcoin ?

[David19]

Ok so for past year i have exchanged approx $300k worth of Bitcoin which directly went to my bank.

Now obviously i have had few concerns on what kind of tax i'm supposed to pay for it, do i just declare them as regulatory income tax?

Shed some light on this situation.


Thanks in advance.

[Amph]

when you did exchanged them? because in the past there almost no rule about bitcoin(but i think you should still declare them because of the amount, too big to be ignored)

besides this, every state has its own legislation, so it's not a fixed thing for everyone

[anderson00673]

It really depends on what country you live in.  Some places don't tax it at all, others do.  Your best bet is to ask a local tax professional for help in determining your tax obligations.