Are there any specific tax laws for cryptocurrency gains in the US?

1 answers

• Nov 28, 2021 · 3 years ago
  At BYDFi, we understand the importance of staying compliant with tax laws. In the US, cryptocurrency gains are subject to specific tax regulations. The IRS treats cryptocurrencies as property, which means that any gains from selling or exchanging them are subject to capital gains tax. The tax rate depends on the holding period of the cryptocurrency. If you held it for less than a year, it's considered a short-term gain and taxed at your ordinary income tax rate. If you held it for more than a year, it's considered a long-term gain and taxed at a lower rate. Remember to keep accurate records of your transactions and consult a tax professional for guidance to ensure compliance with the tax laws.
  702351