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Paying taxes on Bitcoin cash out?

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Views: 251
Posts: 4
 
Prospect
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Joined: Feb, 2018
Posts: 44
Posted: #1

 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?

 
Prospect
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Joined: Sep, 2007
Posts: 432
Posted: #2

From what I understand only if you show a profit.   A lot of sellers are being hit with this.   Just like business  … show a loss I forget about it!

 
Prospect
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Joined: Oct, 2008
Posts: 5
Posted: #3

You can report it as a profit/loss for taxes. you only owe tax if you had a gain. you could report it like an investment like stocks, or if you're trading a lot, you could treat it as a side business and can offset your taxes with a loss.

 
 
Prospect
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Joined: Mar, 2020
Posts: 26
Posted: #4

Seems against the principles of cryptocurrency to me

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