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You only pay tax on net gain. As with anything to do with tax, you should consult with an tax accountant or EA who 'specialize' in trader taxation.
by wdn 9y ago
You only pay tax on net gain.
As with anything to do with tax, you should consult with an tax accountant or EA who 'specialize' in trader taxation.
- superqd 9y agoI am fairly certain that is not correct. When you buy a virtual currency with another virtual currency, that is a taxable event, and you have to estimate the basis for tax using the currency gain in dollars. Or that is what I have understood from their guidance docs. I do plan on talking to an accountant with specialty in this, obviously, just trying to figure out what others have experienced to see if my thoughts are off.