Best way to cash out btc without raising tax issues?

[crossfitisgay]

Just learned with my last two hours plus researching the tax implications of cashing out btc to usd. Any advice? does it differ from bank acct cash outs to say a cc linked cash out etc? So much to learn you almost must literally be a tax attorney. Anyone actually plan to ever claim their tax liable btc cash outs? I don't even know where to start, have cashed out to my bank a couple times, fairly low amounts... Discuss and advise if you please

 

[crossfitisgay]

@pumpingiron22 @Millard Baker

 

[Millard]

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The IRS has already issued guidance on Bitcoin taxation early this year. Bitcoin will be treated as property and taxed as capital gains (losses). It's an accounting nightmare for heavy bitcoin users. Fortunately, there are some apps that may help for those who want to pay taxes:

The Bitcoin Taxman Cometh: Calculating How Much Crypto-Investors Owe IRS Could Be Easy

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