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TAX PREPARATION

What Do You Owe In Taxes For Selling Bitcoins?

By The BIDaWIZ Team on January 2nd, 2014 at 6:41 pm

The digital currency market for bitcoins has grown dramatically over the past year. There's now an estimated $8 billion worth of bitcoins in circulation and the price ended the year at nearly $760 per coin (source: CoinDesk). There were large fluctuations throughout the year as the price was as low as $13.50 and as high as $1,200 per bitcoin. As a result, there are many bitcoin sellers that likely have realized gains for the 2013 tax year. If this is your case or you plan to begin using bitcoins in 2014, it is important to understand the tax ramifications. .
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