Cryptocurrency Q&A
Are We taxed on crypto?
Are We taxed on crypto?
SakuraTide
Sat Jun 22 2024
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7 answers
1517
Good afternoon, esteemed audience. As we delve deeper into the intricacies of cryptocurrency, a pertinent question often arises: are we taxed on our crypto holdings and transactions? This is a question that many enthusiasts and investors alike grapple with, given the novelty and complexities of digital assets. To unpack this topic, let's delve into the various tax regulations surrounding crypto, how they vary across jurisdictions, and what steps one should take to ensure compliance. Join me as we explore this fascinating yet often confusing aspect of the crypto world.
7 answers
EmmaWatson
Mon Jun 24 2024
This classification is similar to how the US treats other assets like stocks or rental properties.
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SamuraiCourage
Mon Jun 24 2024
For short-term capital gains and crypto income, individuals may pay up to 37% tax.
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DavidJohnson
Mon Jun 24 2024
Long-term capital gains on cryptocurrency, however, are taxed at a lower rate ranging from 0% to 20%.
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Dario
Mon Jun 24 2024
Notably, in the US, cryptocurrency is not considered a currency.
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TaekwondoMaster
Mon Jun 24 2024
Cryptocurrency profits in the United States are subject to taxation.
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