Post
Topic
Board Beginners & Help
Re: Is there a exchange to sell bitcoins without having to report taxes?
by
kgonepostl
on 10/04/2017, 02:38:54 UTC
Lets say if I sell $6000 worth of bitcoin. That's in the 10% bracket since I'm single right? So that would be $600 taxed?

what did you pay for them? don't answer that obviously, but that's your start off point. you don't pay any tax on the non profit. if that $6000 worth of coins cost $3000 to buy then you pay 10% of $3000.

there's usually tax free allowances so if you only sell so much in a tax year and it's below the non taxed threshold then there won't be any tax to pay. i don't know what the deal is in america but that's how it is elsewhere. it sounds like you should get the opinion of a pro.

What if a person mined them all? 10% still?