New to bitcoins

[Ro0k]

I've been reading about bitcoins and came across an article about the IRS giving coinbase a hard time about releasing info which sent me further down the rabbit hole of bitcoins and taxes. The shift card sounds interesting but from what I read, to play it safe, I would need to keep track of what I spend on the Shift card and the value of the bitcoin at the time of purchase. That sounds insane.

Here is my question...once I transfer bitcoin back to my checking account, I can just report the total and pay taxes on that right? If I'm not spending it, I'm not selling it so I shouldn't have anything else to keep track of correct?

[SBR Ivy]

I've been reading about bitcoins and came across an article about the IRS giving coinbase a hard time about releasing info which sent me further down the rabbit hole of bitcoins and taxes. The shift card sounds interesting but from what I read, to play it safe, I would need to keep track of what I spend on the Shift card and the value of the bitcoin at the time of purchase. That sounds insane.

Here is my question...once I transfer bitcoin back to my checking account, I can just report the total and pay taxes on that right? If I'm not spending it, I'm not selling it so I shouldn't have anything else to keep track of correct?

Hi RoOk, unfortunately SBR staff cannot provide tax advice but perhaps a member here is willing to opine with their own perspective.