Tax is due in less than 3 days if you trade Bitcoin BTC or other Cryptos file your tax and pay for the profit or claim loss

Let first start by saying you have less than 3 days to complete your 2018 tax return filing, it is due by midnight on Monday April 15th 2019. If you don’t file by then you will be charge with late fees and interest on your return payment to the IRS. However it is better to file accurately then filing it incorrectly especially lying will get you in bigger trouble than not filing at all.

By now, people that had been into Cryptos for more than a year should know that filing Bitcoin BTC and other Cryptos investment isn’t that hard. There are lots of websites out there that will help you do so, even with TurboTax HRBlock so on and so forth, they have this integrated. However still some place that you go file tax still don’t know what to do with Bitcoin BTC, because as of today only 5% or so people in the world know what Bitcoin is, so no surprise to some tax prepare person don’t know what Bitcoin BTC Cryptos currencies are, but the good news might be they can help you treat it as an investment or property where it gain and loose value.

The important thing is to have paper work to show or proof with blockchain transactions detail on your purchase price, and selling price, then your tax prepare person know what to do. You can keep it as simple by adding the sold Bitcoin value to your income via other source of income but this will not maximize your return although it’s simple. Having a buy price like $10 and sold $15 you would only need to claim $5 as income. However if you mine Bitcoin then the whole amount sold would be your income, then you can claim electricity and equipment expense to offset the gain, let say it cost you $500 to mine $100 then you can claim that $500 cost toward the years or so in expense this way your $100 is not 100% taxable because you still have not recoup your $500 expense yet until maybe 4 years later that will offset $500, but remember the price of Bitcoin goes up and down keep track of that.

Now let’s talk about Bitcoin price over the past week, why is it going up? – My personal opinion is that before tax season, like a month or less before it’s due, the price of Bitcoin will go down because people selling their Bitcoin to pay tax, as this is getting near due date the price of Bitcoin start to rise because tax season will be over in a few days so people already sold what they have enough to pay tax. So after tax season ended, I think Bitcoin will go up. Just my personal opinion.