Do I Need A Tax Advisor If I Never Sell My Bitcoin? Today

194

In The United States

A great question.

I mean, if you haven’t sold any of your stack yet, and probably haven’t incurred a taxable transaction, then why would you need to consult a professional tax advisor? You’re a HODLer; you have diamond hands. You’ll never sell. So, do you need to involve a tax pro?

Short answer: Yes. Mainly because you don’t know what you don’t know.

Purchasing, or receiving, Bitcoin has tax implications. Most everyone who buys Bitcoin dreams of selling it someday for a huge stack of fiat dollars. That’s right, converting it back to fiat, even if it’s just to diversify the portfolio. And in that case, you’ll need to have good records at your disposal. Records of your cost basis, in order to compute your capital gains.

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