Are there any specific regulations or exemptions for reporting capital gains from cryptocurrency in Illinois?

1 answers

• May 08, 2022 · 3 years ago
  When reporting capital gains from cryptocurrency in Illinois, it's crucial to understand the specific regulations that apply. The Illinois Department of Revenue treats cryptocurrency as property, which means that any gains from its sale or exchange are subject to capital gains tax. To ensure accurate reporting, it's important to maintain records of the cost basis and fair market value of the cryptocurrency at the time of the transaction. Furthermore, there may be exemptions available for certain types of transactions, such as like-kind exchanges. For detailed information on the regulations and exemptions, it's recommended to consult with a tax professional or refer to the guidelines provided by the Illinois Department of Revenue.
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