What are the tax rules for earning cryptocurrency through Gemini's platform?

1 answers

• Nov 23, 2021 · 3 years ago
  When it comes to earning cryptocurrency through Gemini's platform, it's important to understand the tax rules. The IRS treats cryptocurrency earnings as taxable income, so you'll need to report it on your tax return. The value of the cryptocurrency you earn will be subject to income tax, and you'll need to keep track of its fair market value at the time you receive it. If you hold the cryptocurrency for more than a year before selling or exchanging it, you may qualify for long-term capital gains tax rates. It's a good idea to consult with a tax professional to ensure you're complying with the tax rules and reporting your earnings correctly.
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