Sold Bitcoin? 3 Things You Should Know Before You File Taxes

Charlene Rhinehart, CPA, The Motley Fool
·4 min read
Sold Bitcoin? 3 Things You Should Know Before You File Taxes

Bitcoin (CRYPTO: BTC) made a stunning comeback toward the end of 2020, leaving many investors with triple-digit percentage gains that could impact their tax returns if they sold and took profits. For those who wanted to learn more about cryptocurrency, Bitcoin provided a unique opportunity to "earn while you learn" and grab mega profits. Since Bitcoin is considered property instead of currency in the eyes of the IRS, you'll be subject to capital gains taxes.