Quote from: Supremeboye on January 04, 2018, 02:59:43 AM

Hi, when bitcoin are realized from buying other altcoins. do i have to pay tax? for instance, I use one bitcoin on altcoins. i have the pay the "x"percentage for the flat value of one bitcoin?

also, by paying for the profits you made from bitcoins.. does it mean....if i spend 100usd on bitcoin...the value raised to 150USD. do i have to pay the tax for the 50usd profit. or is it including the capital 100usd? in total "x" percentage of the 150usd? sorry for my English. hope you are keen on helping me

I'm not an accountant so can't give tax advice. But yes, you do need to pay taxes on profits you make on cryptocurrencies as well as report any income you receive in cryptocurrencies. For example, if you get paid a cryptocurrency for a service rendered, that is reportable income. You can also write off any losses which can offset gains for tax purposes. That's the main gist of it.

A really great program that can help with both the record keeping and tax reporting is CoinTracking.