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Bitcoin Rush Do I Have To Pay Taxes from www.indexuniverse.eu Cryptocurrencies such as bitcoin and ethereum, are treated as property under federal tax law in the united states 1. The terminology that applies to virtual currency transactions also applies to other transactions. Tax law, bitcoin and other cryptocurrencies are classified as property and subject to capital gains taxes. We get it — paying taxes on bitcoin and other crypto can be confusing. Bitcoin and other virtual currencies are taxable, which means all of your bitcoin transactions must be reported on your tax return. The irs taxes bitcoin at the special capital gains rate. For us federal tax purposes, bitcoin and other cryptocurrencies are treated as property. In this guide, we will focus on the us and crypto tax rules for us citizens.
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The irs considers cryptocurrency holdings for most people who buy and trade crypto within online exchanges, accounting for it in your tax return is relatively easy.
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In the us, the irs says that cryptocurrency is taxed like property. Overall, we recommend speaking with a tax expert to get precise answers on your specific tax situation. Taxes are one of life's only certainties, and cryptocurrency is no exception. How bitcoin taxation works in usa. That's why american traders prefer using special apps that ease their lives counting gains and losses, creating records.
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