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  1. #1
    Member
    Join Date
    Apr 2006
    Location
    Nixa Missouri
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    341

    Question Bitcoin and taxes

    I made about $250 on BTC and LTC and understand that should be viewed as capital gains income to be reported on my return. Coinbase issued a statement around the first of the year on how to report this. Now that I'm actually trying to figure my taxes (TurboTax), the Coinbase memo is gone, and the report they have you run on the website isn't working correctly. Anyone have any advice on how to simply report this?

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  3. Stocks/Investments Moderator boneil's Avatar
    Join Date
    Jul 2010
    Location
    Aberdeen, MD
    Posts
    7,257
    #2
    I don't think anybody will notice your $250...... 20K a different story.

    Maybe it has changed, but I think I remember coinbase being ordered to report on about 14000 traders. Probably the big boys. Should you report it. Yes. We should never break any law.
    Knowledge is the Kryptonite of Liberalism

  4. Member
    Join Date
    Nov 2012
    Location
    Nederland, Tx
    Posts
    8,567
    #3
    Good luck. I put all my stuff in cointracking to figure the capital gains. It worked good but good luck getting it into turbo tax. Your supposed to report every trade, lol. You can manually input them also if you don't have many.