If you live in the USA. You're required to pay taxes on crypto. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law just like transactions related to any other property. Same goes for most countries except a few these days.
Capital Gain Taxes are due when you sell cryptocurrency for a gain. If you buy $1,000 of crypto and sell it later for $1,500, you would need to report and pay taxes on the profit of $500.
Every. Single. Trade. that you make will have a CGT implication that if not reported and settled up with the IRS you could / will be pursued...
Given many of us are filling our bags right now... If we exit completely in the next bull run at a profit... how do you intend on working out the CGT liability?
This will be a minefield...!!
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