What are the tax implications of selling cryptocurrency in Wisconsin?

1 answers

• Eddy MendezFeb 10, 2022 · 4 years ago
  Selling cryptocurrency in Wisconsin may have tax implications. According to the Wisconsin Department of Revenue, cryptocurrency is treated as taxable property. When you sell cryptocurrency, you may be subject to capital gains tax. The tax rate depends on your income level and how long you held the cryptocurrency. If you held it for less than a year, it is considered a short-term capital gain and taxed at your ordinary income tax rate. If you held it for more than a year, it is considered a long-term capital gain and taxed at a lower rate. It's important to keep track of your cryptocurrency transactions and report them accurately on your tax return to comply with tax laws and avoid any potential penalties or legal issues.
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