Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return
Bitcoin seems to be everywhere these days. From its mysterious origins in 2008, it has grown into a widely accepted currency, used for everything from investing to shopping to employees' wages.
But many Bitcoin users don't realize that buying/selling, exchanging, and even using Bitcoin to pay for things has tax implications. Yes, you read that last phrase right. In some cases, just spending your Bitcoin could be considered a profitable investment - and taxable.
Original Article Source Credits: Business Insider , https://www.businessinsider.in/
Article Written By: JANET BERRY-JOHNSON
Original Article Posted on: DEC 10, 2020
Link to Original Article: https://www.businessinsider.in/finance/news/bitcoin-taxes-understanding-the-rules-and-how-to-report-cryptocurrency-on-your-return/articleshow/79652711.cms