Post
Topic
Board Bitcoin Discussion
Re: Sell BTC in United States and Tax Implications
by
stoneIsland
on 14/07/2020, 12:33:52 UTC
it depends on your tax status in the USA. https://www.investopedia.com/ask/answers/06/nonusresidenttax.asp

Quote
The tax implications for foreign investors depend on if they're classified as a resident alien or nonresident alien by the U.S. government.

Nonresident aliens are subject to no U.S. capital gains tax, but capital gains taxes will likely be paid in your country of origin.

If you are a resident alien and hold a green card—or satisfy resident rules—you are subject to the same tax rules as a U.S. citizen.

you will generally not be subject to any tax withholding from exchanges, but if you cross certain volume thresholds (like $20k + 200 transactions in a year) then regulated exchanges like those mentioned will send the IRS a form 1099-k notifying them of your activities.


Thanks for the detail explanations. 20k or 200 trade threshold sounds pretty low to me. Guess a lot of pro traders on the exchange will get this form. I wonder how do they file taxes? My case would be different since I'm just selling btc. I'm US resident btw.