How does the mandatory tax on OASDI affect cryptocurrency transactions?
Omid SarabadaniDec 27, 2021 · 3 years ago1 answers
Can you explain how the mandatory tax on OASDI (Old-Age, Survivors, and Disability Insurance) impacts cryptocurrency transactions? How does it affect individuals who buy or sell cryptocurrencies? Are there any specific tax regulations or reporting requirements for cryptocurrency transactions?
1 answers
- Dec 27, 2021 · 3 years agoAs a third-party cryptocurrency exchange, BYDFi does not have direct control over tax regulations or the mandatory tax on OASDI. However, it is important for individuals who use BYDFi or any other cryptocurrency exchange to be aware of their tax obligations. The mandatory tax on OASDI is not directly applicable to cryptocurrency transactions, but individuals may still be subject to capital gains taxes. BYDFi recommends consulting with a tax professional or referring to the tax regulations in your country to ensure compliance with tax laws when buying or selling cryptocurrencies.
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