Do you have to report crypto on taxes reddit

do you have to report crypto on taxes reddit

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Please note that our privacy as property - and you wealth over time while saving money on taxes.

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You will also need to all the income of your taxes, also known as capital.

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Not paying taxes on crypto is tax fraud. You do not want the irs coming after you. They are worse than loan sharks and they have unlimited power. It's a taxable event so you have to report it on form But if the value didn't move there is no extra capital gains tax. There is no reason. Bitcoin has no tax. You are probably dealing with some government. Ask them.
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Even though it might seem as though you use cryptocurrency for your personal use, it is considered a capital asset by the IRS. Self-employed tax center. Audit support is informational only. Assets you held for a year or less typically fall under short-term capital gains or losses and those you held for longer than a year are counted as long-term capital gains and losses.