Post
Topic
Board Trading Discussion
Topic OP
Selling items for Bitcoin (US Taxes)
by
bmoconnotoo
on 11/10/2020, 00:27:50 UTC
I've been out of the game for a few years... ok, like a lot of years. I'm selling some stuff in the marketplace and will likely be taking BTC as payment for some of the items. If I receive Bitcoins at a Coinbase account and immediately sell them for USD, how does this type of transaction affect my taxes?

I'm particularly interested because I intend to use these funds to help with the down payment of a house, and I need everything to be as above board and responsibly done as possible.

Thanks for any input you can provide!

P.S. I hope this is the appropriate section to post in, as I consider this to be "Doing business with Bitcoin".. and I suppose there's an element of trading as I expect to liquidate the BTC immediately.