Are bitcoin withdrawals taxable?

[del007_13601]

I bought bitcoin then transferred to another persons wallet for payment.

[Vanessa A]

Yes, bitcoin withdrawals are taxable.  They are treated as property similar to stock, so when you withdraw bitcoins the profit on them become taxable. When you enter your withdraw in the Investment Section of TurboTax, you will also be asked for your cost basis (what you paid for it) and you will be taxed on the profit.  If you bought it and sold it right away then it would be taxed at the same rate as the rest of your income. 

How do I enter my crypto in TurboTax?

Your Crypto Tax Guide