[MelanieButler]

You are required to report profits and losses for each transaction or when receiving cryptocurrency, even if the profit or loss is not significant. The IRS makes you responsible for reporting all income and transactions, regardless of whether you receive a tax form from a crypto exchange or not. ..."
"The purchase and sale of cryptocurrencies is taxed, because the US Internal Revenue Service defines cryptocurrency as property, not currency. As a result, tax rules that apply to real estate transactions (but not to real estate taxation rules), such as the sale of collectible coins or vintage cars that can become more expensive, also apply to bitcoin, ethereum and other cryptocurrencies.
"The Tax Service is not joking. Failure to submit a report on income, including income from the sale of cryptocurrencies, may lead to the fact that the US Tax Administration will impose fines. Starting with the tax returns for 2019, the Tax Service requires that you answer " yes "or" no " to the question of whether you had any crypto transactions during the year. "
All transactions, that is, you buy a bar of chocolate, you have to track this transaction. This is crazy.
Last year I worked in the H&R block, and it was a giant PIT. Imagine the horror when people discover that their bitcoin is not as cool as they were led to believe. First of all, it's not anonymous-they can and will find you if you think you can lie to the IRS.

 

[HillyWelos]

I think some people mention the tax aspect. lol

 

[Pricillacui]

Just invest about $ 300 in various cryptographic systems for fun. I don't plan to sell for 10-15 years. I'm not buying anything with this.
In the worst case, I will lose part of the 300. At best, it will turn into something relatively substantial in 10 years or so. In fact, it's something fun and cool that you can follow with little risk.
And if it soars to about 100 thousand from where it is now, and I earn some money, I don't mind paying taxes on it.

 

[keilecpod]

I heard that income from operations with cryptocurrencies is likely to be taxed.

 

[StephanPorsche]

Its only taxable when you cash it out. As long as it sits in a Coin Wallet, Bitcoin Bank or Trading App its unreported. There are several none USA accounts that do not report to the IRS that people move their Bitcoin too. All my Crypto is a long-term investment so not worried about taxes now, will have to see in 10-20 years when I want to pull it out for retirement.