I think that when you sell, you pay taxes on whatever profit was made (this would be considered "miscellaneous income" and filed on a 1099).
That said, I am not an accountant...you're best off seeking tax advice from a professional rather than random internet strangers.
Topic: declaring coins to the IRS? - page 3. (Read 2088 times)
I'm wondering how that would work. Does the IRS recognize any currencies other than USD? Or do you have to declare them on your tax return only when you convert them back to USD?
File it on your taxes you file every year as 1099...
How do you do this?
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