Probably like a lot of you, I'm fairly new to the cryptocurrency game. I actually got started back this January 2017 and have been investing and researching crypto since. One of the most confusing topic around the use of bitcoin and other cryptocurrencies is the manner in which (a least for me) american residents must pay taxes in their crypto gains.
Recently I was welcome into a community and they sent me an email in which a Accounting agency explains a bit about of how to deal with United States taxes.
I found the information the most useful and so decided to shared it!
As a Noob I can guarantee this information is 100% accurate but I can upon the steemit community to have an open discussion about this important topic.
The following is a video of a crypto trader who was sentence to 4-5 year in prison because he didn't properly declare his bitcoin business.
Be in the look out, do things the right way and you will be ok! is my mantra
P.s. I will be upvoting all comments with a 100% power so leave a comment!
According to my knowledge you have to pay taxes when chashing out with profit.
Not my intention. Relative high fees for buying and selling #cryptocurrency
Its a longterm investment.
Goverments should recognize #crypto as money before complaining about taxes.
If somebody should pay taxes for profits, then it should be possible to get tax release for losses.
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According to the email, it's possible to get tax release from losses.
and even thought I agree with you that government should recognize crypto , however still the fact that by law they are requesting taxes and what can you do but to pay them?
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Yes, payback in crypto.
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This is very important information! Thanks for sharing!
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@raybilson Excellent... Motivating and it will make me joyful to check out effort and resolve prevail. Adore it..
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@raybilson Your generate up is spectacular. Mad regard for sticking as a result of many of the hardships, Many of us would've Give up A great deal before..
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@raybilson got you a $1.8 @minnowbooster upgoat, nice! (Image: pixabay.com)
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