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Jaffaa
Celebrity Bewarse
Username: Jaffaa

Post Number: 25267
Registered: 03-2008

Rating: N/A
Votes: 0

Posted on Tuesday, May 11, 2021 - 2:41 pm:   


Entrepreneur:

So here I need to pay taxes on the profit of BTC right?




yeah every crypto to crypto/usd transaction is a taxable event. even free airdrops are taxable

this podcast has good details on crypto taxation in US
https://www.keywordcrypto.com/sharon-yip-of-crypto-tax-advisors/

i use cointracker.io to track my crypto transacitons. I add them manually everytime I do a trade. if you pay fee at the end of the year they will generate your crypto tax statement. first time adding transactions is the pain, then afterwards you will get lot of benefits. i also don't trade often, one or two trades a month

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