Paying Taxes on Bitcoin cash outs?

I recently received an email from Coinbase stating that I may have to pay taxes on my Bitcoin transactions. I have cashed out a few times in Bitcoin with my Bovada account in 2019. ( Neither times were from winnings, just cashed out when I broke even)

Doesa anyone know if I need to pay taxes on my Bitcoin withdrawals?

Any transaction with any crypto has tax liability if any income was derived.

I used to trade/invest in BTC, LTC, ETH. What a pain in the azz when it comes to tax income. It's set up where the IRS can/will nail you since their system is so complex you friggin need a tax lawyer to protect yourself. I'm done with that and am all over physical gold and silver secured in vaults!

Jpot, is that for any stock or crypto currencies in general?

I don't mess with stocks anymore. I'm retired, and they're in a bubble that can deflate any time. All I know is, You transact ANY crypto whether from Coinbase, or 5Dimes, or to your personal bank account - if you made one penny from your purchase price, you are at risk. The key is always your crypto purchase price. You make any transaction at all with a profit. You better have it on your return, or that can come for you. I now want something I can hold in my hand. Cryptos can just vanish as you well know.

Coinbase will fook you at every turn. Another reason I got out, and switched to PHYSICAL precious metals to protect my wealth from the devaluing dollar.

Devaluing dollar = inflation, which is much higher than the government CPI. Do you trust the gov. to tell you the whole story?????

Your supposed to pay taxes on gains from bitcoin investing similar to stocks... if just buy some bitcoin and then use it to purchase something or receive it and cash out right away you wont have any gains to report.

Be careful. The way I understand it is that if price goes up before making a transaction - you have a reportable gain. Freeky shit, so I'm done with it. I could be wrong seems the gov is adding/subtracting to these rules every month.

So...how do you cash out from Bovada and avoid having to pay taxes? 

With a profit, break the law!

Doesn’t Coinbase show the profit loss in a report? 

Not sure. They didn't when I was with them a few years back. 

But then you need to calculate what you gained from the regular wallets. Its a pain in the ass. I seem to be losing each time I cash out bitcoin  so it’s easy that way lol. 

Yep, not worth it if you want to avoid the IRS/law. I think the gov is doing this to scare people off these investments, just like they continue to cap gold and silver.

Every Crypto transaction that is profitable must be declared as a short term capital gain. 

IRS has created a Crypto tax-focused team. Their main focus is information on people provided by Exchanges and OTC desks. 

Best thing to do is not buy on exchanges or OTC and keep your coin in a cold storage wallet.

I transact on Localbitcoins and Paxful. If you're unfamiliar I can give you a few words of advice. 

GL. 

Yeah, sometimes you must pay taxes, but it usually depends on what type of transaction it is. I’ve been trading for 3 years now.

BTC to the MOOOOOOON....