Reply to post: Re: 24E6 eggs in a flimsy basket

It’s happened again: AT&T sued for allegedly transferring victim's number to thieves in $1.9m cryptocoin heist

Zarno Silver badge

Re: 24E6 eggs in a flimsy basket

As far as my somewhat limited knowledge, it is only taxed when converted to a recognized currency, or "withdrawn".

So if you mined $20 in BTC back when, and it's now worth $20K, then you'll pay tax on the 20K, same as a stock transaction or bank interest. Lovely for sure.

It's a big ball of wax, but that's how it was explained last ai looked into it

In some ways, it's like a 401(k) or IRA?

There may be more recent laws/rules/regulations though. The IRS wants their cut six ways from a half dozen after all.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2021