What are the tax implications of buying and selling Shiba Inu with cryptocurrencies in Sacramento?

1 answers

• Jun 04, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the tax implications of buying and selling Shiba Inu with cryptocurrencies in Sacramento. The IRS treats cryptocurrencies as property, which means that any gains or losses from trading Shiba Inu are subject to capital gains tax. If you hold Shiba Inu for less than a year before selling, the gains will be taxed at your ordinary income tax rate. However, if you hold it for more than a year, the gains will be subject to the long-term capital gains tax rate, which is typically lower. It's important to consult with a tax professional to ensure compliance with the tax laws and to accurately report your transactions on your tax return.
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