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December 03, 2017, 04:24:21 AM |
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I realize we are supposed to pay taxes on profits earned with crypto currency, but it seems that’s dependent on cashing in (transferring profits to bank account). What if I buy 1 bitcoin today and hold for 5 years...let’s say that coin is worth 50k in 5 years and things change so that a place like amazon accepts bitcoins. If I start buying goods with bitcoin at that time, but never deposit money to my bank account, am I still supposed to pay tax on the items I purchase? How is this tracked?
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