What are the tax implications of selling cryptocurrency and calculating capital gains in New York?

1 answers

• Dec 30, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some information on the tax implications of selling cryptocurrency and calculating capital gains in New York. When you sell cryptocurrency, you may be subject to capital gains tax. The tax rate will depend on your income level and how long you held the cryptocurrency. It's important to keep accurate records of your transactions, including the purchase price, sale price, and holding period. This will help you calculate your capital gains and determine your tax liability. Additionally, it's important to note that tax laws can change, so it's always a good idea to consult with a tax professional for the most up-to-date information. BYDFi does not provide tax advice, so it's important to consult with a qualified professional for personalized advice based on your specific situation.
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