Post
Topic
Board Legal
Merits 4 from 1 user
Re: Should I worry about my tax report?
by
squatter
on 29/08/2019, 18:21:52 UTC
⭐ Merited by suchmoon (4)
I've seen this news recently: https://www.investopedia.com/news/bitcoin-tax-looms-irs-orders-coinbase-turn-over-user-data/ And now I'm worried about my tax report for the next year. I've bought 1 Bitcoins at Coinbase last February and I still hold them. Should I report this as my asset? Or should I just ignore it?

If you've only bought bitcoins and haven't sold them, there's no tax liability yet. Once you actually sell, trade or spend some coins, you need to report the gains on Schedule D and Form 8949 of your tax return.

It sounds like you can just ignore this for now.