Not a trader really just holding from a few years back and have added some recently. The tax stuff is a little confusing to me. If wanting to put more in coinbase to purchase specific coins, would it matter from a tax standpoint later if I purchase a coin directly from my bank account vs transferring bitcoin in from a book and then exchanging for alts on coinbase? My mind wants it to be like stocks lol, but the more I read the more it confuses me and I realize its not.
Coinbase tax question.
- Thread starter UGA12
- Start date
If putting in BTC from a book, it's nontaxable until you buy or swap for something other than BTC and then it's a taxable transaction
Coinbase is working with the IRS and I think the IRS has a lot more tools to see what's happening in the entire ecosystem.
Coinbase is working with the IRS and I think the IRS has a lot more tools to see what's happening in the entire ecosystem.
When is it taxable? Examples below. Are these assumptions correct? Thanks for the info, trying to figure best way to fund.
1- Buy Eth on Coinbase from bank account. (Not taxable until trade Eth)
2- Swap BTC for Eth on Coinbase. (Taxable event of the BTC. Eth will become taxable once traded/swapped)
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Is just moving Btc from book to Coinbase a taxable event if do not swap btc for other coins once in? AT this point it sounds like its a better idea to get money from book to bank account and then buy coins directly from bank account. Not trying to hide from paying the taxes on something I have made money on, just dont want to be dealing with tax issues before ever actually realizing profits by selling. Thanks BBC:toast:
Moving from an account that you own at the sportsbook to an account/wallet that you own isn't taxable.
There's a lot of times that you'll be owing taxes without realizing cash. It's not a fair tax law
