Do profits from trading cryptocurrencies have to be taxed?
Do you have to pay taxes on profits made from trading cryptocurrencies?
In general, it seems that you do have to pay taxes on these profits if you are trading cryptocurrencies constantly - is that correct?
However, I have found various websites on the internet stating that profits do not have to be taxed if you hold a cryptocurrency for at least 1 year and do not trade with it.
On other websites, it is mentioned that this rule only applies to "Bitcoin" and not to all other cryptocurrencies such as Ethereum or Ripple, PAY, EOS, etc.
Let's assume:
I buy a certain number of OMG Tokens (Coins) TODAY and hold them for at least 1 year.
After a year, I exchange them for bitcoin and then exchange the bitcoins back into fiat currency.
Do I have to pay taxes on the profits from this or not?
