Two times this month I had bought bitcoin and sold a few weeks later after losing money. I’m a freshmen in college with no income. I only purchased a total of about $20 of bitcoin just to see what happened. Do I need to pay taxes?
StephenWeinstein
Favorite Answer
No. If you report it correctly, then you would not be taxed. However, if you are required to report it and you do not report it, then you may have to pay tax and/or a penalty.
?
you don't pay taxes on losses
Judy
No, you only pay tax on gains. You still have to report sales though even if you had a loss
Valleycat1
No. On the IRS website there is a section that explains whonhas to file a return.
Anonymous
Lmao sure bud