I use bitcoin taxes in order to keep track of activity...allows downloading directly from multiple exchanges back to the years you may have started...even then..its overwhelming if you've done any regular buying and selling...actually...just saw an article on one of the blogs referencing some congressmen trying to introduce to congress I believe not to tax crypto...treat it as a currency not property...that is probably a long shot but would be a gift from heaven to me...
You are viewing a single comment's thread from:
Thanks bobreedo. I believe the U.S., when a person is disposing of their non-primary currency, they are deemed exchanging property (the non-primary currency) and may have a gain (potentially, even it was for personal use and over $200). Further, these related gains may default to ordinary tax rates instead of capital. So currency could be a worse answer depending on the facts/circumstances, I do plan to have a "what if it was currency" and "what if it was a security" subsection to keep score better in case the government changes positions.
Edit Disclaimer - this is not tax advice and can't be used to avoid taxes/penalties (I keep forgetting to add this!)