RE: Why Bitcoin Investors Must Report Gains to the IRS

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Why Bitcoin Investors Must Report Gains to the IRS

in bitcoin •  7 years ago  (edited)

If the dollar loses value then can I write off losses? If the dollar gains in purchasing power do I claim it as profit as you suggest with Bitcoin? If someone lost 50k on bitcoin can they write it off as a loss against their income because if you can I have a feeling that millions of people will have mysteriously lost money on bitcoin.

bitcoin
7 years ago by

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      ·  7 years ago 

    Hi @mkdmrs, I think it is only assessed when you withdraw from investment and question comes how much profit or loss. For profit you have to pay tax. For loss it may not be counted. However during investment period you have to declare the investment amount or portfolio. please consult with tax man.

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