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Sorry, America, but you have to pay taxes on your bitcoin — here’s how

Many people holding bitcoin have seen massive gains, some becoming overnight millionaires after the currency soared more than 1,000% in value over the last 12 months — but now comes the less fun part: paying taxes.

Do you need to file paperwork for your cryptocurrency holdings?

The short answer is yes. Anybody involved in cryptocurrency transactions should be paying taxes on them, said Kirk Phillips, a tax professional who specializes in cryptocurrencies and goes by the moniker “The Bitcoin CPA,” whether they have sold hundreds of thousands of dollars’ worth of coins or a made a single $2 purchase.

Because bitcoin BTC, +3.00% and other cryptocurrencies are seen as property by the U.S.

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