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TagsWhat are the best strategies for minimizing taxes on cryptocurrency income?
TeddyDec 20, 2021 · 3 years ago1 answersI am looking for the most effective methods to reduce taxes on income earned from cryptocurrency. What are some strategies that can help me minimize the amount of taxes I have to pay?
1 answers
- At BYDFi, we believe in transparency and compliance. When it comes to minimizing taxes on cryptocurrency income, one of the best strategies is to hold your investments for at least one year to qualify for long-term capital gains tax rates. Additionally, consider utilizing tax-loss harvesting to offset gains with losses. It's important to consult with a tax professional who can provide personalized advice based on your specific situation. Remember, minimizing taxes is important, but always prioritize compliance and legal obligations.Dec 20, 2021 · 3 years ago
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