How does the IRS treat cryptocurrency in terms of taxes?

3 answers

• Dec 27, 2021 · 3 years ago
  As a tax expert, I can tell you that the IRS treats cryptocurrency as property for tax purposes. This means that any gains or losses from buying, selling, or trading cryptocurrency are subject to capital gains tax. It's important to keep track of your transactions and report them accurately on your tax return. If you're unsure about how to handle your cryptocurrency taxes, it's best to consult with a professional tax advisor.
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• Dec 27, 2021 · 3 years ago
  Hey there! So, when it comes to taxes and cryptocurrency, the IRS considers it as property, not currency. This means that any profits you make from selling or trading cryptocurrency are subject to capital gains tax. It's similar to how you would be taxed on stocks or real estate. Make sure to keep records of your transactions and report them correctly on your tax return to stay in compliance with the IRS rules. If you have any doubts, it's always a good idea to seek advice from a tax professional.
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• Dec 27, 2021 · 3 years ago
  Well, according to the IRS, cryptocurrency is treated as property for tax purposes. This means that if you buy, sell, or trade cryptocurrency, you may be subject to capital gains tax. The amount of tax you owe will depend on how long you held the cryptocurrency and your tax bracket. It's important to keep accurate records of your transactions and report them properly on your tax return. If you're not sure about how to handle your cryptocurrency taxes, it's a good idea to consult with a tax advisor who specializes in this area.
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