Taxes on Crypto Currency Short-Term Profit
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- Posts: 84
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Taxes on Crypto Currency Short-Term Profit
I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions:
1. Am I obligated to report the gain? (I'm presuming so)
2. If so, what should I set aside for taxes on this gain?
1. Am I obligated to report the gain? (I'm presuming so)
2. If so, what should I set aside for taxes on this gain?
Re: Taxes on Crypto Currency Short-Term Profit
Yes, you need to report the gain. You don't need to set aside money for taxes, but you can if you want to.creditdefaultswaps wrote: ↑Wed Dec 13, 2017 11:50 am I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions:
1. Am I obligated to report the gain? (I'm presuming so)
2. If so, what should I set aside for taxes on this gain?
Re: Taxes on Crypto Currency Short-Term Profit
Yes you need to report. Here is Coinbase page on this:
https://support.coinbase.com/customer/e ... -taxes-faq
I recall that Coinbase has been forced to report info to the IRS in the past.
Edit:
https://www.theverge.com/2017/11/29/167 ... rs-records
https://support.coinbase.com/customer/e ... -taxes-faq
I recall that Coinbase has been forced to report info to the IRS in the past.
Edit:
https://www.theverge.com/2017/11/29/167 ... rs-records
Re: Taxes on Crypto Currency Short-Term Profit
There's a free website that can import your information from multiple sites to generate a gain / loss report for your taxes:
https://bitcoin.tax
https://bitcoin.tax
Re: Taxes on Crypto Currency Short-Term Profit
Now if you had only invested $1M!
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- Posts: 84
- Joined: Mon Jan 02, 2017 6:56 pm
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- Posts: 84
- Joined: Mon Jan 02, 2017 6:56 pm
Re: Taxes on Crypto Currency Short-Term Profit
Nice! Thanks for this.LAguy818 wrote: ↑Wed Dec 13, 2017 5:52 pm There's a free website that can import your information from multiple sites to generate a gain / loss report for your taxes:
https://bitcoin.tax
Re: Taxes on Crypto Currency Short-Term Profit
1. Yes.creditdefaultswaps wrote: ↑Wed Dec 13, 2017 11:50 am I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions:
1. Am I obligated to report the gain? (I'm presuming so)
2. If so, what should I set aside for taxes on this gain?
3. You don't have to set any aside, but it will be taxed at your short-term capital gains rate.
Re: Taxes on Crypto Currency Short-Term Profit
jlcnuke wrote: ↑Thu Dec 14, 2017 5:50 am1. Yes.creditdefaultswaps wrote: ↑Wed Dec 13, 2017 11:50 am I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions:
1. Am I obligated to report the gain? (I'm presuming so)
2. If so, what should I set aside for taxes on this gain?
3. You don't have to set any aside, but it will be taxed as short-term capital gains.