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Nathan
Nathan asked in Business & FinanceTaxesUnited States · 3 years ago

Do I have to pay taxes on my bitcoin even if I lost money?

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?

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  • StephenWeinstein
    Lv 7
    3 years ago
    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.

  • tro
    Lv 7
    3 years ago

    you don't pay taxes on losses

  • Greg
    Lv 7
    3 years ago

    You are in college and you think you would pay taxes on a loss? Really?

  • Judy
    Lv 7
    3 years ago

    No, you only pay tax on gains. You still have to report sales though even if you had a loss

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  • Anonymous
    3 years ago

    If you lost money on your investment you do not have to pay taxes on the investment

  • Slickterp
    Lv 7
    3 years ago

    Taxes are paid on profits.

  • Max Hoopla
    Lv 7
    3 years ago

    This is not enough to bother with.

  • Valleycat1
    Lv 7
    3 years ago

    No. On the IRS website there is a section that explains whonhas to file a return.

  • Anonymous
    3 years ago

    Lmao sure bud

  • Anonymous
    3 years ago

    Nope you do not

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