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Here's what can happen if you don't pay taxes on bitcoin

Source: https://cnbc.com/2018/02/20/how-to-know-whether-you-owe-taxes-on-bitcoin.html - Feb 21, 2018

In 2017, bitcoin went from trading at below $1,000 early in the year to a peak of over $19,000 in December, while other virtual currencies also enjoyed gains.

For anyone who ignored the common crypto-slang advice to "HODL," to hold on to your investment for dear life, and decided to cash out, those profits are considered income by the IRS.

If you sold crypto-coins or used crypto to buy anything in 2017, you probably owe the IRS taxes, says Ryan Losi, a certified public accountant and the executive vice president of Virginia accounting firM.

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Category: General Business