I didn't knew anything about crypto currency and trading and somebody on Instagram offered me to start it with them and as a demo they send me $317 worth bitcoin and I sold it. And they took more money from me inthe form of bitcoin and never gave me anything back again. But I recieved a form 1099-B showing $317 as total proceeds. And these a x mark on noncovered securities option.Should I report it or attach that form when filling my taxes?
Lets say I have a FDIC insured company that does my trading for me and all I see is the valuation amount. do they usually pay the taxes before I see the money on client side, or should I budget some of my profit to pay for taxes? I haven't pulled anything off of the exchanges yet (I bought BTC, but have not sold it at all), am I liable for taxes on my profits before the transfer off of BTC happens. (say the trades they made took my 2500$ to 16k this year, but I have left it on the exchange.
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I didn't knew anything about crypto currency and trading and somebody on Instagram offered me to start it with them and as a demo they send me $317 worth bitcoin and I sold it. And they took more money from me inthe form of bitcoin and never gave me anything back again. But I recieved a form 1099-B showing $317 as total proceeds. And these a x mark on noncovered securities option.Should I report it or attach that form when filling my taxes?
Lets say I have a FDIC insured company that does my trading for me and all I see is the valuation amount. do they usually pay the taxes before I see the money on client side, or should I budget some of my profit to pay for taxes? I haven't pulled anything off of the exchanges yet (I bought BTC, but have not sold it at all), am I liable for taxes on my profits before the transfer off of BTC happens. (say the trades they made took my 2500$ to 16k this year, but I have left it on the exchange.
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