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Member I

Cryptocurrency taxes

I've purchased some crypto coins but haven't traded them. I also got some coins as gifts. Is any of that taxable? What about the couple of trades I did in the last month of the year. Since I made money, I imagine I'll have to pay tax on that.

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Visitor II

Cryptocurrency taxes

Details about Cryptocurrency and how to report it can be found on this IRS tax publication NOTICE 2014-21

 

My understanding is that if you buy Cryptocurrency and sell it for a profit within the year it is a short term gain.

And if you hold it longer than one year and ultimately sell it for a profit later it is a long term gain.

 

The two types of gains are taxed differently and the capital gains taxable income amounts change subject to new tax laws.