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The IRS will only tax you on realized gains. Assuming individuals bought BTC (or alt coins or any other asset for that matter), and are still holding it, no tax
by andrewjl 9y ago
The IRS will only tax you on realized gains. Assuming individuals bought BTC (or alt coins or any other asset for that matter), and are still holding it, no taxes will be due until it is sold. If the individual sold their BTC in 2017, then they needed to have set aside a percentage of any profits for tax purposes.
So I'm inclined to agree with antisthenes, this person is either being untruthful or they lack a coherent investment plan and have a spectacularly bad tax planner.