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You can always cash out "Bitcoin you [allegedly] bought back in 2010", or Monero you mined back in the day so there's no way to even prove its source, and decla
by zembo 6y ago
You can always cash out "Bitcoin you [allegedly] bought back in 2010", or Monero you mined back in the day so there's no way to even prove its source, and declare that to the IRS. With a cost basis of almost zero, you'll pay long term capital gains tax, 15% or 20%.
BTW when you declare your crypto gains, the IRS not only does not care about the source, there's not even a place on the forms to list the source.
That might change in the future though.