- Feb 1, 2005
They tax you twice.Out of curiosity (although I'll ask when I do taxes later this year anyway); do you need to report coins earned ONLY if you exchange them for REAL money? (similar to how you report stock earnings only if you sell or dividends are paid). Or do you have to report the BTC earnings even if they have not realized real cash value yet?
Yes. And that’s why it’s dumb.So technically, you could be paying taxes on something that is worthless unless you cash out right away, in which case, you get taxed again?
Wow that seems silly. I could see when converting to USD for sure, but BTC (along with other coins) is a variable nightmare of changing value that technically means nothing unless you actually take the cash out. Otherwise you are trading something of "virtual" value with no real bank/government backing. Maybe it's not even worth stepping into this mess...? lol.
Coinbase's cold storage options seems plenty strong. 48 hour stall with various approvals being required to initiate and complete.