Are there any tax implications when using cryptocurrency to invest in iShares REIT ETF?

1 answers

• May 07, 2022 · 3 years ago
  When it comes to using cryptocurrency to invest in iShares REIT ETF, there are indeed tax implications to consider. Cryptocurrency is treated as property by the IRS, which means that any gains or losses from the sale or exchange of cryptocurrency are subject to capital gains tax. If you sell your cryptocurrency at a profit, you will need to report the gain and pay taxes on it. The tax rate will depend on how long you held the cryptocurrency before selling. If you held it for less than a year, the gains will be taxed at your ordinary income tax rate. If you held it for more than a year, the gains will be taxed at a lower long-term capital gains tax rate. It's crucial to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax regulations.
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