What are the tax implications of owning crypto assets on Coinbase?

1 answers

• Jan 15, 2022 · 3 years ago
  Ah, the tax implications of owning crypto assets on Coinbase. It's a hot topic, my friend. When you sell or exchange cryptocurrencies on Coinbase, you gotta be ready for the taxman. Any gains you make from those transactions are subject to capital gains tax. The rate depends on how long you held the assets. If it's less than a year, you'll be paying your ordinary income tax rate. But if you held those assets for more than a year, you'll get a break with a lower tax rate. Don't forget to keep track of all your transactions and report them accurately. And hey, if you're getting paid in crypto assets for your work, that's taxable income too. So make sure you're on the right side of the law and consult a tax professional if you need help.
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