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how to do step #1 is where you do step#1, all the info you need you can get starting there. i know, i did it. there's a lot of good info here but it's mixed in and not always accurate etc. if you have decided to jump in, i suggest diving into the mtgox site and expanding out as you need to get an accurate grasp on enough of it to suit you.
yes, as L-Pink has stressed elsewhere, it is always important to follow your tax guidelines, especially when dealing with a cryptocurrency.
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