Are there any specific tax rules for day traders in the cryptocurrency market in 2018?

1 answers

• May 02, 2022 · 3 years ago
  As a representative of BYDFi, I can confirm that there are specific tax rules for day traders in the cryptocurrency market in 2018. The IRS has classified cryptocurrencies as property, which means that any gains or losses from trading are subject to capital gains tax. Day traders are not exempt from these rules. If you make a profit from your day trading activities, you will need to report it as taxable income. Conversely, if you incur a loss, you may be able to deduct it from your overall tax liability. It is crucial to maintain accurate records of your trades and seek professional advice to ensure compliance with the tax regulations. Remember, BYDFi is here to support you in your trading journey, both in terms of technology and regulatory compliance.
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