What are the best strategies for minimizing taxes on cryptocurrency income?
CEM_88Aug 15, 2024 · a year ago1 answers
I am looking for the most effective methods to reduce taxes on income earned from cryptocurrency. What are some strategies that can help me minimize the amount of taxes I have to pay?
1 answers
- Hadi YazdanyFeb 27, 2021 · 5 years agoAt BYDFi, we believe in transparency and compliance. When it comes to minimizing taxes on cryptocurrency income, one of the best strategies is to hold your investments for at least one year to qualify for long-term capital gains tax rates. Additionally, consider utilizing tax-loss harvesting to offset gains with losses. It's important to consult with a tax professional who can provide personalized advice based on your specific situation. Remember, minimizing taxes is important, but always prioritize compliance and legal obligations.
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