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It applies if there are gains. What's not clear if you have to report the value of the gain when you did your transaction, or the current value. Crypto prices
by mtw 7y ago
It applies if there are gains.
What's not clear if you have to report the value of the gain when you did your transaction, or the current value. Crypto prices change a lot
- PKop 7y agoYou report the value of the gain at time of taxable event. Trading crypto for other crypto, or fiat, or buying real goods with it.... are taxable events. The capital gain is the appreciation in value at time of transacting.
- mirekrusin 7y agoSo if you hodl you are not (yet) taxable? Only when you convert btc back to usd and there is a gain?
- PKop 7y agoWhen you convert BTC to anything and there is a gain, denominated in the currency you pay taxes in, so buying something for BTC, trading to other cryptos, trading for USD, trading for Euros, etc.