What are the tax implications of selling cryptocurrency in Arizona?

1 answers

• May 07, 2022 · 3 years ago
  Selling cryptocurrency in Arizona? You might want to know about the tax implications! The IRS treats cryptocurrency as property, so when you sell it, you could be liable for capital gains tax. The tax rate depends on how long you held the cryptocurrency. If you held it for less than a year, you'll be subject to short-term capital gains tax at your ordinary income tax rate. If you held it for more than a year, you'll be subject to long-term capital gains tax at a lower rate. It's crucial to keep track of your transactions and seek advice from a tax professional to ensure compliance with Arizona's tax laws.
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