3. Most investing right now are not aware of the tax implications. The IRS treats it as an investment such as stocks, and not as a “currency.“
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Can you give me a brief detail of the tax implications? I’m been a Bitcoin investor for 3 years. Never received a 1099. Never reported any income or interest earned. Never reported on Schedule D.
Basically the same as any capital asset sale like a stock. Date purchased, sold, purchase price, sales price. Pay capital gains taxes on the profit or carry forward losses.
“I’m been a Bitcoin investor for 3 years. Never received a 1099. Never reported any income or interest earned. Never reported on Schedule D.”
If you have held the Bitcoin and not sold it...no issues.
If you have sold any for a profit you are guilty of unreported capital gains, subject to taxes, penalties and interest.
I found this awhile back. It shocked me to be honest.
https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes