What are the tax implications of trading digital currencies with US and Australian dollars?

1 answers

• May 07, 2022 · 3 years ago
  At BYDFi, we understand that the tax implications of trading digital currencies with US and Australian dollars can be confusing. It's important to note that we are not tax professionals, but we can provide some general information. In the United States, the IRS treats digital currencies as property, which means that capital gains tax may apply to your trades. It's crucial to keep accurate records of your transactions and consult with a tax professional to understand your specific tax obligations. In Australia, the tax treatment of digital currencies is similar, with capital gains tax potentially applying to your trades. Remember to consult with a tax advisor for personalized advice based on your individual circumstances.
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