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Strategies & Market Trends : Young and Older Folk Portfolio
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To: SeeksQuality who wrote (19083)8/5/2025 2:00:16 AM
From: Max2.0  Read Replies (1) of 22051
 
Does the IRS track Bitcoin Transactions? If our Bitcoin Funds are not registered anywhere how is the government going to tax us on a taxable transaction? Lets say I bought a house 20 years ago for $100K and now I just sold if for 10 bitcoins. Do I owe any capital gains tax?

Or lets say I accumulated 25 bitcoins 20 years ago and I buy a yacht or a jet with my coins, do I have a capital gain on my coins?

Or lets say I have two kids. going to college and I have 25 bitcoins and not much else of value. I figure I want to try and get some financial aid for my kids. When I fill out my FASFA FORM for financial aid, do I declare that I have the Bitcoins? If I don't, how would anyone know?

In reality, I own no Bitcoin so I am completely ignorant on how all this works. Is there no "paper trail" involved with bitcoin transactions? I guess its no different than keeping $5M Cash in my home safe. I am thinking that if I did, there would be some limitations on spending it or depositing it in a bank.

I guess if Bitcoin is going to be a permanent thing, I will need to bone up on this stuff.

What about the other Crypto Currencies and Tokens? Will they all co-exist in some future world or will one become the dominant exchange of value and will that be Bitcoin?
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