What are the tax implications of trading Shiba Inu cryptocurrency in Missouri?

1 answers

• Jun 01, 2022 · 3 years ago
  Trading Shiba Inu cryptocurrency in Missouri can have tax implications that you should be aware of. The IRS treats cryptocurrencies as property, so any gains or losses from trading Shiba Inu cryptocurrency may be subject to capital gains tax. The tax rate will depend on your income and how long you held the cryptocurrency. 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 keep accurate records of your trades and consult with a tax professional to ensure compliance with tax laws.
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