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Bitcoin and Taxes

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Jan 7, 2019
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chaturbate.com
Hi there,
I'm trying to do some research on the bitcoin payout method. My question is about taxes from the United States. If I receive a bitcoin payout for my earnings, do I only file taxes once the bitcoin is sold? Or do I treat it similar to how I would treat it to my normal taxes...eg using the est quarterly payments on the IRS website....any links or advice would be appreciated! Thanks!
 
Jun 27, 2017
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The IRS sees that as ordinary income, valued at the Bitcoin value at the time of receipt, but I have a feeling if you just used the accounting statement of the webcam service when they sent the Bitcoin, that would make life simpler and probably no one will complain.

If you hold the Bitcoin and sell it for gain later, you have an additional capital gains tax due, short or long term depending on holding period. Your cost basis is the amount you paid tax on above. This gets very tricky, because if you held that Bitcoin for 10 years and went to sell it, you have to be able to prove to the IRS what your cost basis is. Without good paperwork, they might claim the entire amount of the sale is capital gains.
 
Jan 7, 2019
3
0
15
chaturbate.com
The IRS sees that as ordinary income, valued at the Bitcoin value at the time of receipt, but I have a feeling if you just used the accounting statement of the webcam service when they sent the Bitcoin, that would make life simpler and probably no one will complain.

If you hold the Bitcoin and sell it for gain later, you have an additional capital gains tax due, short or long term depending on holding period. Your cost basis is the amount you paid tax on above. This gets very tricky, because if you held that Bitcoin for 10 years and went to sell it, you have to be able to prove to the IRS what your cost basis is. Without good paperwork, they might claim the entire amount of the sale is capital gains.
This is great information to know, thank you!
 
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