Cryptocurrency Q&A
Do you pay taxes on crypto?
Do you pay taxes on crypto?
IncheonBeautyBloomingRadiance
Mon Oct 28 2024
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5 answers
1399
I'm wondering if I have to pay taxes on my cryptocurrency holdings. I've been investing in crypto for a while now and have made some profits, but I'm not sure if these earnings are taxable.
5 answers
DigitalLord
Wed Oct 30 2024
The Internal Revenue Service (IRS) categorizes cryptocurrencies as property for taxation.
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OliviaTaylor
Wed Oct 30 2024
This classification implies that taxpayers are liable to pay taxes on their cryptocurrency holdings if they engage in transactions involving their crypto assets.
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Nicola
Wed Oct 30 2024
Specifically, if you sell or use your cryptocurrency in a transaction and its value has appreciated since you acquired it, you are required to pay taxes on the profit.
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TaegeukWarrior
Wed Oct 30 2024
Conversely, if the market value of your cryptocurrency has decreased, you may be eligible to claim capital losses, which can offset other gains or be deducted from your income.
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Maria
Tue Oct 29 2024
BTCC, a prominent cryptocurrency exchange, offers a range of services that cater to the needs of crypto traders and investors.
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