You may owe taxes on your crypto investments — here are 3 things to know (via CNBCMakeIt)
Similar to stocks, crypto is subject to IRS rules surrounding. That means that if you earned a profit by selling your crypto for more than what you purchased it for, you'll owe capital gains tax on the difference.
Other taxable events include if you've used crypto to buy a product like coffee or if you've been paid in crypto to do a job, Chandrasekera says. However, you typically wouldn't be taxed if you only purchased crypto using fiat currency like the U.S. dollar, moved your crypto from one virtual wallet to another or received crypto as a gift.
The IRS can also see your cryptocurrency activity when it subpoenas virtual trading platforms, Chandrasekera says. There may be thousands of names inside the files companies turn over to the government, which the IRS could use to verify if you have reported your trading activity to the government, he says.
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