The process of selling Bitcoin is not as complicated as it may seem at first glance. In fact, there are a few different ways you can go about it, each with its own advantages and disadvantages. One way to sell Bitcoin is to use an online exchange. This is a popular option because it’s relatively […]
How To Report Bitcoin Income On Tax Return
The IRS has released guidance on how to treat bitcoin and other virtual currencies for tax purposes. Here’s what you need to know. What is Bitcoin? Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called […]
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How To Pay Bitcoin Taxes
The IRS has released guidance on how to report bitcoin and other virtual currency transactions on your taxes. Here’s a rundown of what you need to know. Coinbase, a digital currency wallet and platform, has been ordered to turn over records of more than 14,000 users to the IRS. The company says it will fight […]
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How To Report Bitcoin Gains On Taxes
Bitcoin and other virtual currencies are gaining in popularity and value. As a result, there is a lot of confusion about how to report bitcoin gains on taxes. The good news is that, with a little bit of guidance, it’s not too difficult to figure out. In general, when you sell a bitcoin or any […]
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How To File Bitcoin Taxes
The IRS released guidance in 2014 on how to treat bitcoin for tax purposes. The guidance states that bitcoin is to be treated as property, not currency, for federal tax purposes. This means that taxpayers who have received, sold, traded, or spent bitcoin during the year must report the transactions on their tax returns. The […]
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How To File Bitcoin Taxes Turbotax
What is Bitcoin? Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoins are created as a reward for […]
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How Do You Report Bitcoin On Taxes
Bitcoin is a digital currency that is not tied to any government or financial institution. Bitcoins are created through a process called “mining,” in which users offer their computing power to verify and record bitcoin transactions. Bitcoins can be used to purchase goods and services online, or can be cashed out into traditional currency. Because […]
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How Does Bitcoin Affect Taxes
Bitcoin usage is on the rise, but what does that mean for taxes? Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is decentralized, meaning it is not subject to government or financial institution control. Bitcoins are created through a process called “mining.” Miners are rewarded with bitcoins […]
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