What are the tax implications of investing in cryptocurrency like Robin Hood?

1 answers

• May 12, 2022 · 3 years ago
  As a representative of BYDFi, I can tell you that investing in cryptocurrency platforms like Robin Hood can have tax implications. When you buy, sell, or trade cryptocurrencies, you may be subject to capital gains tax. The tax rate will depend on how long you held the cryptocurrency before selling it. If you held it for less than a year, it will be considered a short-term capital gain and taxed at your ordinary income tax rate. If you held it for more than a year, it will be considered a long-term capital gain and taxed at a lower rate. It's important to consult with a tax professional and keep accurate records of your cryptocurrency transactions to ensure compliance with tax laws.
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