What are the latest tax implications for cryptocurrency in the USA?

1 answers

• RutujaMar 22, 2021 · 5 years ago
  As a representative of BYDFi, I can tell you that the latest tax implications for cryptocurrency in the USA are quite significant. The IRS treats cryptocurrencies as property, which means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. If you hold your cryptocurrency for less than a year before selling, you'll be taxed at the short-term capital gains rate, which can be higher. However, if you hold your cryptocurrency for more than a year before selling, you'll be taxed at the long-term capital gains rate, which is generally lower. It's crucial to keep accurate records of your transactions and consult with a tax professional to ensure compliance with the IRS regulations. Remember, tax planning is an essential part of successful cryptocurrency investing.
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