The Question
Bitcoin & TaxesBitcoin & Taxes
I invested 15 k in bitcoin. It’s now worth 30k. If I sell 15k worth do I owe taxes on it?
Hi Mike B,
Bitcoin and other cryptocurrencies are currently treated as property. As property, the gains will be taxable as long-term or short-term depending on how long you’ve held it.
If you have other cryptocurrency holdings or investments that have not appreciated, you could choose to offset some of that gain with other sales at losses. This is more dependent on your long term objectives and alternative investment options, but something to remember 🙂
Have a great day!
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