Do I need to pay taxes on cryptocurrency if I only hold it and don't sell?

7 answers

• Dec 27, 2021 · 3 years ago
  Yes, you may still need to pay taxes on your cryptocurrency even if you haven't sold any. In many countries, including the United States, holding cryptocurrency is considered an investment, and any increase in value may be subject to capital gains tax when you eventually sell. It's important to consult with a tax professional to understand your specific tax obligations.
  372186
• Dec 27, 2021 · 3 years ago
  No, you don't need to pay taxes on cryptocurrency if you only hold it and don't sell. Taxes are typically only applicable when you realize a gain or loss by selling or exchanging your cryptocurrency. However, tax laws vary by country, so it's always a good idea to consult with a tax advisor to ensure compliance with local regulations.
  336112
• Dec 27, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, if you only hold cryptocurrency and don't sell, you may not be subject to immediate tax obligations. However, it's important to note that tax laws are constantly changing, and it's always a good idea to consult with a tax professional to understand your specific situation and any potential tax implications.
  36391
• Dec 27, 2021 · 3 years ago
  While you may not need to pay taxes on your cryptocurrency holdings if you don't sell, it's important to keep accurate records of your transactions. If you decide to sell in the future, you'll need to calculate your capital gains or losses, and having detailed records will make the process much easier. Consider using a cryptocurrency tax software or consulting with a tax professional to ensure compliance with tax regulations.
  42986
• Dec 27, 2021 · 3 years ago
  Holding cryptocurrency without selling does not typically trigger immediate tax obligations. However, it's important to note that tax laws can be complex and vary by jurisdiction. It's always a good idea to consult with a tax advisor who specializes in cryptocurrency to understand your specific tax obligations and ensure compliance with local regulations.
  35760
• Dec 27, 2021 · 3 years ago
  If you're only holding onto your cryptocurrency and not selling, you may not be required to pay taxes on it. However, it's important to stay informed about any changes in tax laws and regulations. It's always a good idea to consult with a tax professional to ensure you're aware of your tax obligations and to avoid any potential penalties or issues in the future.
  36452
• Dec 27, 2021 · 3 years ago
  While holding cryptocurrency without selling may not immediately trigger tax obligations, it's important to understand that tax laws can change and vary by country. It's always a good idea to consult with a tax advisor who can provide guidance based on your specific circumstances and ensure compliance with local tax regulations.
  33042