Bitcoin and taxes are a real thing!

in cryptocurrency •  7 years ago  (edited)

In case you're new here, or just stupid, whenever you convert Bitcoin to cash on an exchange, it is recorded, and the tax man will know.

So for all of you thinking that you could just simply cash out on Gemini or Coinbase, without having to pay the man... you're 100% wrong.

Just thought I'd let you know, before you go do something you'll regret.

cryptocurrency bitcoin money taxes investing
7 years ago by

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      ·  7 years ago 

    Sure you have to pay taxes due to the law in the country you are living!
    And it is not only by cashing out. Everytome you sell a coin with benefit (even if you change BTC for ETH) you have to keep track of it and pay the taxes.
    Besides it is much more complicated on Steemit than at Bitcoin!!!
    Guys do your research!

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      ·  7 years ago 

    100% agree @Whizzkid!

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      [-]
        ·  7 years ago 

      Hi @tolkatore. Besides selling Bitcoin person to person how would one turn it into cash anonymously(I meam some form of Bank Transfer, Credit Cards etc.)?
      I'm guessing it's impossible.
      But ofcourse everybody should follow their tax laws or else they might have big problems.

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        1 vote
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          ·  7 years ago 

        Does Coinbase provide a paper for the tax forms?

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            ·  7 years ago 

          By law, they would have to.

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            [-]
              ·  7 years ago 

            You can theoretically sell your BTC private... .

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                ·  7 years ago 

              Bought if you bought it, they have records, so they could inquire as to where it is if the they ever chose to do so, and then they will realize that you sold it.

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                [-]
                  ·  7 years ago 

                It's not only about selling, you would have had to of received the Bitcoin from a private seller as well.

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