Current Events > Just a reminder: if you are selling bitcoin and not reporting it on your taxes

(+) Yeah! (+)

Then you've committed a felony. Don't go to jail peeps.
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Only if you sold >$20,000
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KazumaKiryu posted...

Only if you sold >$20,000

I don't think that's accurate.
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Jiek_Fafn posted...

KazumaKiryu posted...

Only if you sold >$20,000

I don't think that's accurate.

It's not, income is income.
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What if you made a $4 gain on bitcoin?
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I don't know how many people I've seen say that they don't have to because cryptocurrencies are not covered or something, but I know for a fact that is incorrect.
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You don't EVER **** with the IRS. They WILL win.

if i bought and sold bitcoin for a profit, id probably treat it as a capital gain on my tax return
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Vamp_Aubrey posted...

if i bought and sold bitcoin for a profit, id probably treat it as a capital gain on my tax return

That's basically what you're supposed to do. They've got rules laid out pretty well for it.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf
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I think you'd put it under the same section you'd put gambling earnings.

There's going to be so many people who get busted by the IRS this coming tax season.
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The Great Muta 22 posted...

There's going to be so many people who get busted by the IRS this coming tax season.

Eh, maybe... with what that other guy was saying with the $20k, I believe they were only seizing user info so far for people who sold that much or more on various exchanges, but I'm not sure how many that amounts to (obviously still report/pay no matter your gain!)
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