All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Posts: 1
Registered: ‎09-07-2017

Bitcoin Taxes

I bought some Bitcoin this month and exchanged it for another type of cryptocurrency. I'm currently using those coins to 'mine' more of them via proof of stake. I was wondering what I need to do for the upcoming taxes in 2018. Do I have to report each reward I get for mining the coin? If that is the case I am not really sure how to get the exact coin worth for each transaction now.

 

Also, I will not be converting any of these coins back to USD this year. Will I still need to claim it? 

 

I am not sure how any of the taxes work for the cryptocurrencies. Is there a rule of thumb for how much I should set aside for the taxes on these coins? 1/3? More/less? 

 

Any info would be great since I know nothing about taxes in the first place. 

 

Thank you