Tax on bitcoin transactions

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How to Pay Zero Tax on Crypto (Legally)
Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency. If you held a particular cryptocurrency for more than one year, you're eligible for tax-preferred, long-term capital gains, and the asset is taxed at 0%, 15%. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law, just like transactions related to any other property. Taxes.

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The tax basis of Bitcoin becomes more complicated as less-straightforward transactions occur. How does the IRS classify crypto? If you transfer virtual currency from a wallet, address, or account belonging to you, to another wallet, address, or account that also belongs to you, then the transfer is a non-taxable event, even if you receive an information return from an exchange or platform as a result of the transfer. If you sell Bitcoin for a profit, you're taxed on the difference between your purchase price and the proceeds of the sale. These activities typically require fees to be paid as part of the transaction, either to a centralized exchange or as a network transaction fee to the validators confirming the transactions on a blockchain.