Bitcoin and Crypto Taxes for Capital Gains and Income
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I'm planning on selling some of my Bitcoin for the first time. I know taxes are a long way away, but I want to make sure I've got my record keeping down. All of my Bitcoin has been gained as income for employment, over a period since 2017 (on and off). Previous years I never reported it because my total income was below the minimum required for filing taxes. This year I will (hopefully) be over the income to file, so I will be reporting my income that I've earned in Bitcoin this year as normal income taxes. However, I'm also planning on selling for the first time. I know the US charges capital gains tax on Bitcoin sales, but the way I have researched it, since my Bitcoin has been gained for a service (my employment), I do not have to list them as capital gains. Is that correct? Has this been everyone else's experience?
ILPT Request: Will the IRS question where my bitcoin income is from if I report it on my Income Taxes?
I was wondering if I properly reported my bitcoin income to the IRS if they’d question where/what it was from. The only reason why I am reporting it is because I definitely don’t want to get arrested for tax evasion if I make a large purchase with income I shouldn’t have.
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