If you invested in bitcoin last year, as many people did, the start of 2018 has been rough as the digital currency’s price dropped and wobbled. But that’s not the only headache.It is now tax time, and federal rules for reporting earnings or losses can be tricky. When it comes to cryptocurrency, it is up to the investor to track down exactly what happened. In the case of bitcoin, that even means reporting when you used the digital currency to buy a coffee.Why do it: It’s against the law not to include cryptocurrency on taxes in the United States. Conventional wisdom among some bitcoin owners is that it is difficult for the Internal Revenue Service to find out if you own bitcoin, litecoin or any other digital currency if you traded less than $20,000. But Tyson Cross, a tax attorney who started studying bitcoin in 2013, said trying to hide it might not be worthwhile. If any crypto purchases were tied to a bank account, that will make it especially easy to find, he said.“If you fail to report gains, that could be tax fraud,” Cross said. “You are taking a chance the IRS won’t catch you. Personally, I don’t… Read full this story
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