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Another tax question.
I have a few questions about crypto taxes. I’ve never reported crypto taxes before.
In 2017 I bought some ethereum. Then I converted the ethereum to about 4 different coins on various exchanges (not coinbase) and held onto it until early to mid 2018. When the Market crashed in 2018 I sold those coins each for a loss, and converted the remaining amount back to ethereum.
I’ve held the remaining ethereum on coinbase and haven’t touched it since. I probably purchased about $1000 initially, and that amount is about $6000 in value at the present date.
I was thinking of cashing out once and for good in 2021. Am I in some serious shit? I was planning on just giving the IRS 20% of the profit off the initial investment of $1000. I figured since I took losses on the other coins this would be OK. What are your thoughts?
I appreciate all of your help.
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- 3 years ago
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