Are there any tax implications when closing a SoFi account and investing in cryptocurrencies?

1 answers

• AaloveJan 23, 2024 · 2 years ago
  Closing your SoFi account and venturing into the world of cryptocurrencies can have tax implications. When you sell assets in your SoFi account, you may be liable for capital gains tax. This tax is calculated based on the profit you make from selling the assets. Similarly, when you invest in cryptocurrencies, any gains made from selling or exchanging them may also be subject to capital gains tax. The tax rate will depend on the duration of your investment. It's crucial to maintain detailed records of your transactions and seek advice from a tax professional to understand and fulfill your tax obligations.
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