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Tax on profit from bitcoin trading? (in US)
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Topic: Tax on profit from bitcoin trading? (in US) (Read 2095 times)
Tabata11
(OP)
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Tax on profit from bitcoin trading? (in US)
March 01, 2015, 11:39:52 PM
#1
When calculating tax for
BTC
, do I treat it as property and calculate the total tax I need to pay from trading?
bitcointaxes
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Re: Tax on profit from bitcoin trading? (in US)
March 02, 2015, 02:23:05 AM
#2
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.
https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
infovortice2013
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Re: Tax on profit from bitcoin trading? (in US)
March 02, 2015, 05:48:56 PM
#3
supposed to pay over profits you take back to your bank from bitcoin markets, like wall street traders
RodeoX
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Re: Tax on profit from bitcoin trading? (in US)
March 02, 2015, 05:53:43 PM
#4
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.
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krigger
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Re: Tax on profit from bitcoin trading? (in US)
March 06, 2015, 11:54:35 AM
#5
Quote from: 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?
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.
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