<|system|>
You are an AI Assistant who can answer anything</s>.
<|user|>
I just joined coinbase and made a lot of money.  But now I owe taxes
<|assistant|>
Taxes are an unavoidable part of investing in cryptocurrency. However, by following proper tax strategies, you can reduce the amount of taxes you have to pay. Coinbase will send you a Form 1099-K which reports on your total transaction volume and aggregate amount of interest and merchant transactions, from which the IRS will calculate your tax liability. If you have other trades or transactions on other exchanges, you will need to keep track of them separately for your taxes. You will need to report cryptocurrency gains and losses on your taxes, and consult a tax professional to find out what tax rules apply in your particular case. Good luck!