Taxes question

Hi,

I can't seem to find a clear cut answer on this question. I have cash moving into my bank account and btc purchases through Coinbase, Circle. Fairly small time seller, 25k in 2015. My understanding is that the profits of the sales are subject to capital gain taxes. Am I missing anything here?


Comments


[3 Points] aboutthednm:

Yeah, just report it as income from the sale of narcotics and controlled substances, they will be super helpful and send someone over to help you out.


[2 Points] KingMethylJr:

Uhhh, you're a vendor?


[1 Points] None:

capital gains? no.... this is running a... you know what, why dont you make friends with a cpa?


[1 Points] cashadava:

Yes these are subject to a capital gains tax, as they are classified as a capital asset (similarly to stocks and bonds, currently btc is handled the same way). Rescources: 4+ years of accounting courses and multiple taxation classes (with multiple relating specifically to personal income taxes)


[1 Points] DatingFrog:

Niiiiiice.