Post
Topic
Board Economics
Re: Proper accounting for tax purposes
by
juicyjanet88
on 09/03/2018, 18:40:22 UTC

I have not reported any signature campaign earnings yet. But the problem is that if I accumulate Bitcoins from signature campaigns and don’t report them, and then I cash them out on Coinbase, isn’t there a chance that Coinbase will disclose the sale to the IRS and audit my tax return? I just don’t want the IRS on my case if I have not reported everything.


This will almost certainly be flagged. Every time you convert crypto to fiat you will likely owe some tax. I think that signature campaigns would be treated as income (for the initial payment) and then if you decide to hold them beyond that time then any further increases would be capital gains.