Paying Taxes on Bitcoin cash outs?

[ZoeTirs]

I recently received an email from Coinbase stating that I may have to pay taxes on my Bitcoin transactions. I have cashed out a few times in Bitcoin with my Bovada account in 2019. ( Neither times were from winnings, just cashed out when I broke even)

Doesa anyone know if I need to pay taxes on my Bitcoin withdrawals?

[ZoeHillo]

I dont know how it works on coinbase but I dont pay any taxes for my transactions.

[BrandoWilson]

Yeah, sometimes you must pay taxes, but it usually depends on what type of transaction it is. I’ve been trading for 3 years now. I’ve made tons of money, and everything seemed to be fantastic until May… because of the bitcoin, I lost 39 percent of my money. At first, I was frustrated, but then I was lucky enough to invest in Atari right before the boxing match, making half of my money back. Now I’m investing into Cardano and I think that it is going to be the best altcoin in the game. You’d ask me where and buy cardano with credit card (https://uphold.com/en/assets/crypto/buy-cardano) ? Well, just go on uphold and follow the instructions. Crypto is the future and I’m sure that people that are investing today will benefit in 5-10 years.