What are the tax implications of buying and selling cryptocurrencies on my own?

1 answers

• May 21, 2022 · 3 years ago
  At BYDFi, we understand that buying and selling cryptocurrencies on your own can have tax implications. In most countries, cryptocurrencies are considered taxable assets, and any gains you make from selling them are subject to capital gains tax. The tax rate will depend on the length of time you held the cryptocurrency and your income level. If you held it for less than a year, it will be taxed as a short-term capital gain at your ordinary income tax rate. If you held it for more than a year, it will be taxed as a long-term capital gain at a lower rate. It's important to keep track of your transactions and consult with a tax professional to ensure you are compliant with tax laws.
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