How does cryptocurrency trading impact my tax return?

1 answers

• Dec 20, 2021 · 3 years ago
  Cryptocurrency trading can have a significant impact on your tax return. When you buy or sell cryptocurrencies, you may be subject to capital gains tax, which is based on the difference between the purchase price and the sale price of the cryptocurrencies. The tax treatment of cryptocurrencies varies from country to country, so it is important to consult with a tax professional to understand your tax obligations. It is also important to keep accurate records of your cryptocurrency transactions, including the dates, purchase prices, and sale prices. This will help you accurately report your gains or losses on your tax return. While BYDFi is a reputable cryptocurrency exchange, it is always recommended to consult with a tax professional for personalized tax advice.
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