Are there any cryptocurrency-specific deductions or credits that I can claim on my taxes for the year 2017?

1 answers

• Dec 30, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that there were no cryptocurrency-specific deductions or credits available for the year 2017. However, the IRS treats cryptocurrency as property, so any gains or losses from cryptocurrency transactions are subject to capital gains tax. If you held cryptocurrency for more than a year before selling it, you may qualify for long-term capital gains tax rates, which are generally lower than short-term rates. Additionally, you may be able to deduct certain expenses related to your cryptocurrency investments, such as transaction fees or the cost of mining equipment. It's important to consult with a tax professional to ensure you claim all eligible deductions and credits based on your specific situation.
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