 |
Here's what can happen if you don't pay taxes on bitcoin
Source:
cnbc.com
- Feb 21, 2018
In 2017, bitcoin went from trading at below $1,000 early in the year to a peak of over $19,000 in December, while other virtual currencies also enjoyed gains.
For anyone who ignored the common crypto-slang advice to "HODL," to hold on to your investment for dear life, and decided to cash out, those profits are considered income by the IRS.
If you sold crypto-coins or used crypto to buy anything in 2017, you probably owe the IRS taxes, says Ryan Losi, a certified public accountant and the executive vice president of Virginia accounting firM.
CLICK SOURCE TO READ ARTICLE
Category: General Business
|
