Bitcoin tax calculator for your income profit loss selling Bitcoin

Bottom line: PAY YOUR TAX. If you profit even $1, pay your tax when you prepare your tax, if you don’t pay right away, pay it when preparing tax. If you want to simplify it, then just add the whole amount sold from Bitcoin as income (other income) Don’t ignore it, IRS will catch you sooner or later. IRS have direct connection with your bank and now a day to your exchange like coinbase, bitstamp, gemini, and so on.

Here’s the calculator if you want to use as estimate: You will not able to get a way, IRS will catch you even if it takes years, and when they do, they will add interest for the duration of the time you didn’t claim tax and possibly will fine you more if you do it on purpose that would connect you to fraud money laundering even worst…

The best thing to do is, keep track of your buy price date, and sold price date, that way you know how much is your capital gain and whether it’s long term or short term. If you didn’t buy, got the Bitcoin as payment, as gift and so on, it should be counted as income (other income). If you mine your Bitcoin then you should claim it as somewhat like business mining so that you can claim electricity usage, home office etc. If you don’t want to do this yourself then talk to tax person that know about virtual currencies, not just any tax person. I would rather do this myself through some research and call the IRS if you have to. It’s better to pay your tax profit, it will go to good use although some people don’t believe that, where do you think the Police force, highway road your’re driving each day and the land you live not being bomb by the terrorist? yes tax money. If you don’t want to pay tax then why don’t you just go off grid, grow your own food, your own water, house, land somewhere in the wood … where you never need to spend money or make money.