What are the tax implications of using Robinhood for cryptocurrency trading in 2017?

1 answers

• Dec 16, 2021 · 3 years ago
  As an expert in the field, I can tell you that using Robinhood for cryptocurrency trading in 2017 has tax implications. The IRS treats cryptocurrencies as property, so any gains or losses from your trades are subject to taxation. If you make a profit from trading, you'll need to report it as capital gains on your tax return. The tax rate will depend on how long you held the cryptocurrencies before selling. If you held them for less than a year, the gains will be taxed at your ordinary income tax rate. If you held them for more than a year, the gains will be taxed at a lower rate. It's important to stay compliant with tax laws and accurately report your trades to avoid any penalties or audits.
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