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Crypto Tax?
 

Hey guys I've recently got into crypto currencies and honestly don't know how to report for taxes. Is it tax per exchange? or just from total profit of that month? or no tax what so ever?

Re: Crypto Tax?
 

Id contact an accountant for such answers.

Re: Crypto Tax?
 

slokor is right - best to seek professional financial advice.

Re: Crypto Tax?
 

I can cover that here. You're supposed to report a sales tax every time you exchange one cryptocurrency for another as they are considered securities, not fiat. And at the end of each year, you're supposed to report your profits, even if you haven't cashed out from the exchanges. Most people don't, but that doesn't mean you shouldn't.

Re: Crypto Tax?
 

I bank mine offshore so only have to report the tax when you bring it into the country :)

Re: Crypto Tax?
 

Are they though? Have any of the coins been officially allowed on the securities exchange? is the SEC protecting us from fraud that the taxes would pay?

I don't believe set rules are in place yet.

Re: Crypto Tax?
 

Also, what if you lose on the exchange of cryptocurrencies?
Again - id contact an accountant to figure all this out.

Re: Crypto Tax?
 

on most exchanges you can download a .csv of all your trades and transactions which you can use to import into special crypto tax software to calculate your loss/profit

Re: Crypto Tax?
 

Continue - what recommendation?