What are the current capital gains tax rates for bitcoin and other cryptocurrencies as per the IRS?

1 answers

• May 22, 2022 · 3 years ago
  According to the IRS, the current capital gains tax rates for bitcoin and other cryptocurrencies depend on the holding period and your income level. If you hold your cryptocurrencies for less than a year, the gains will be taxed at your ordinary income tax rate, which can be as high as 37%. However, if you hold them for more than a year, the gains will be subject to the long-term capital gains tax rates, which range from 0% to 20%. The specific tax rate will depend on your income level. It's important to keep track of your cryptocurrency transactions and consult with a tax professional to ensure compliance with the IRS regulations.
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