What are the tax implications of day trading cryptocurrencies on TD Ameritrade?

1 answers

• Jan 01, 2022 · 3 years ago
  Day trading cryptocurrencies on TD Ameritrade can have tax implications. Any profits you make from day trading will be subject to capital gains tax. The tax rate will depend on your income bracket and how long you held the cryptocurrencies. If you held them for less than a year, you'll be subject to short-term capital gains tax, which can be higher than long-term capital gains tax. If you held them for more than a year, you'll be subject to long-term capital gains tax, which has lower tax rates. It's important to consult with a tax professional to ensure you are accurately reporting your day trading activities.
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