I bought some Bitcoin this month and exchanged it for another type of cryptocurrency. I'm currently using those coins to 'mine' more of them via proof of stake. I was wondering what I need to do for the upcoming taxes in 2018. Do I have to report each reward I get for mining the coin? If that is the case I am not really sure how to get the exact coin worth for each transaction now.
Also, I will not be converting any of these coins back to USD this year. Will I still need to claim it?
I am not sure how any of the taxes work for the cryptocurrencies. Is there a rule of thumb for how much I should set aside for the taxes on these coins? 1/3? More/less?
Any info would be great since I know nothing about taxes in the first place.
Thank you
