When it comes to cryptocurrency taxation, there are a lot of gray areas. In some cases, you may be able to avoid paying taxes on Bitcoin and other digital currencies altogether. Let’s take a closer look at how you can do that. 1. Use Cryptocurrencies for Everyday Purchases One way to avoid paying taxes on […]
When Do I Pay Taxes On Bitcoin
Bitcoin and other cryptocurrencies are gaining in popularity, but what are the tax implications? When do you need to pay taxes on Bitcoin? The first thing to understand is that Bitcoin is a property, not a currency. This means that when you buy Bitcoin, you are buying a property with specific tax implications. The second […]
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Do You Pay Taxes When Selling Bitcoin
When it comes to taxes, there are a lot of questions about Bitcoin and other digital currencies. One question that frequently comes up is whether or not you have to pay taxes when you sell Bitcoin. The answer to this question is complicated, and depends on a variety of factors. In this article, we’ll take […]
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How Do Taxes Work With Bitcoin
Whenever a taxable event occurs, Bitcoin users are required to report that event to the Internal Revenue Service (IRS). A taxable event is anything that has monetary value and can be taxed. For example, when you use Bitcoin to buy a cup of coffee, that is a taxable event. When you sell Bitcoin for cash, […]
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