What are the tax implications for Bitcoin holders in Texas?

1 answers

• Jan 22, 2022 · 3 years ago
  As a Bitcoin holder in Texas, you may be wondering about the tax implications. Well, the IRS considers Bitcoin as property, not currency, so when you sell or exchange your Bitcoin, you'll be subject to capital gains tax. If you sell within a year, you'll be taxed at your ordinary income tax rate. But if you hold for more than a year, you'll be taxed at a lower rate. It's important to keep track of your Bitcoin transactions and report them accurately on your tax return to stay on the right side of the law.
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