I just started buying bitcoin this year. Its the only coin i have purchased.
Related Posts
More Posts
Additional Posts in Everything crypto
Hpw do I buy alt coins? Deloitte, a u tattooing?
Get rich or die tryin #50Cent #Crypto2018
This FTX guy. Lol.

NFA, but will be buying up sub 20K BTC… DYOR 🥲

New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.







Chief
If you haven't sold, you won't pay any taxes on your principal.
However, if you earned interest or referral bonus, then that is taxable.
Exactly what EY1said. Only thing id add is that if you swapped your BTC for another coin that’s technically taxable, from my understanding. If you just bought and have held then it’s no different than a stock irt tax
The question on the 1040 about owning crypto has been reworded for 2021. IRS only cares if you’ve sold crypto.
Thank you
So whats the conclusion:
No, do not pay to cointracker to generate IRS 8949 to hand to your CPA because it is not necessaey
Yeah never sold, exhanged for other coin, just held .....
Pro
Nope. At least not until Taxing unrealized gains becomes a thing. But then maybe you’ll be able to write off unrealized loses.