Yeah anytime you trade usd for bitcoin they gonna tax you. Most sites will send you a tax form that does all the math for you and you report it on your taxes. Ideally in the future you will work for crypto, buy food in crypto, buy your house and car in crypto.... I think one day maybe even purchase stocks in crypto all without using USD and cutting the tax man out of the equation.
Gotcha. Being a college dude still living with my parents (I help them out around the house and at the farm, not entirely a leech) I've never had to mess with that. Doubt it's hard, just something I haven't had to do myself.
I'm going to look more into this crypto stuff. If nothing else, I might snag some spending money.
Good luck out there brother. The federal reserve is printing usd like it's going out of style and so I want you to know that harms poor people who don't own property / stocks. Most of us working class and poor don't own anything... Maybe we have $500 set aside for an emergency if we're really determined. This inflation causes people like that to lose the value of their spending power. The rich get richer while the poor receive a stimulus check that slips through the cracks of their fingers and they have nothing to show for it 6 months later.
I want you and all of our brothers to own at least 1 dollar worth of bitcoin because I believe it is the true revolution against the federal reserve. It's also good to own property, silver, ETF indexes and stocks. For example you can buy a share of a silver mining company or you can purchase an etf of an index of medical supply companies. Look at the stock IHI. it's an index of medical supply companies (buying an etf index means some of the companies can go bankrupt but your share is solvent because it spreads the risk across the companies in the index, and it pays dividends just to hold the etf) and its performed amazingly well the past 5 years and I expect it to do better in the future.
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