Are there any tax obligations for holding cryptocurrencies if I haven't traded them?

3 answers

• May 06, 2022 · 3 years ago
  Yes, even if you haven't traded your cryptocurrencies, you may still have tax obligations. In many countries, including the United States, holding cryptocurrencies is considered an investment, and any increase in value may be subject to capital gains tax when you sell or exchange them. It's important to consult with a tax professional or accountant to understand the specific tax laws in your jurisdiction.
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• May 06, 2022 · 3 years ago
  No worries! If you haven't traded your cryptocurrencies, you generally won't have any tax obligations. Tax obligations usually arise when you sell, exchange, or use cryptocurrencies to make purchases. However, it's always a good idea to check with a tax professional to ensure compliance with local tax laws.
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• May 06, 2022 · 3 years ago
  According to BYDFi, if you haven't traded your cryptocurrencies, you won't have any tax obligations. Tax obligations typically arise when you realize gains or losses from selling or exchanging cryptocurrencies. However, it's important to note that tax laws can vary by jurisdiction, so it's always a good idea to consult with a tax professional for personalized advice.
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