Are there any tax implications for holding digital assets in my M1 Finance savings account?

15 answers

• gbrgApr 25, 2021 · 5 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. When you hold digital assets, such as cryptocurrencies, they are considered property for tax purposes. This means that any gains you make from selling or exchanging these assets may be subject to capital gains tax. It's important to keep track of your transactions and report them accurately on your tax return.
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• JonathanvJun 08, 2024 · a year ago
  Absolutely! Holding digital assets in your M1 Finance savings account can have tax implications. The IRS treats cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. Make sure to keep detailed records of your transactions and consult with a tax professional to ensure you are meeting your tax obligations.
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• RAHUL RAJMay 18, 2022 · 4 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. According to the IRS, cryptocurrencies are treated as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to report your transactions accurately and keep track of your cost basis. Consider consulting with a tax advisor for personalized guidance.
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• billDec 24, 2020 · 5 years ago
  Holding digital assets in your M1 Finance savings account can indeed have tax implications. The IRS classifies cryptocurrencies as property, which means that any gains you make from selling or exchanging them may be subject to capital gains tax. It's crucial to keep accurate records of your transactions and consult with a tax professional to ensure you are fulfilling your tax obligations.
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• Doyle KennedyAug 31, 2024 · a year ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS treats cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to understand your tax obligations and consult with a tax advisor to ensure you are compliant.
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• GreenhostDec 04, 2020 · 5 years ago
  Holding digital assets in your M1 Finance savings account can have tax implications. The IRS considers cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's crucial to keep track of your transactions and consult with a tax professional to navigate the tax implications effectively.
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• hjrJul 21, 2023 · 2 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS treats cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's essential to stay informed about the latest tax regulations and consult with a tax advisor for personalized advice.
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• Danil TsyapaJul 18, 2021 · 4 years ago
  Holding digital assets in your M1 Finance savings account can have tax implications. The IRS treats cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to keep accurate records of your transactions and consult with a tax professional to ensure compliance with tax laws.
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• Omprakash SeerviMar 10, 2025 · 9 months ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS considers cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's crucial to report your transactions accurately and seek guidance from a tax professional to understand your tax obligations.
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• James BalestriereApr 29, 2025 · 7 months ago
  Holding digital assets in your M1 Finance savings account can have tax implications. The IRS treats cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to keep track of your transactions and consult with a tax professional to ensure you are meeting your tax obligations.
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• CURSED PRATHU-H2Oct 22, 2020 · 5 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS treats cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's crucial to understand the tax rules and consult with a tax advisor to ensure compliance.
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• Mahbub BlackOct 06, 2020 · 5 years ago
  Holding digital assets in your M1 Finance savings account can have tax implications. The IRS classifies cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to keep accurate records of your transactions and consult with a tax professional to navigate the tax implications effectively.
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• hjrAug 11, 2021 · 4 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS treats cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's essential to stay informed about the latest tax regulations and consult with a tax advisor for personalized advice.
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• Danil TsyapaJul 25, 2024 · a year ago
  Holding digital assets in your M1 Finance savings account can have tax implications. The IRS treats cryptocurrencies as property, so any gains you make from selling or exchanging them may be subject to capital gains tax. It's important to keep accurate records of your transactions and consult with a tax professional to ensure compliance with tax laws.
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• Omprakash SeerviJul 04, 2023 · 2 years ago
  Yes, there are tax implications for holding digital assets in your M1 Finance savings account. The IRS considers cryptocurrencies as property, and any gains you make from selling or exchanging them may be subject to capital gains tax. It's crucial to report your transactions accurately and seek guidance from a tax professional to understand your tax obligations.
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