Chiara
Sun Jun 09 2024
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6 answers
1508
How much tax do you pay in cryptocurrency?｜Short-term capital gains tax: If you've held your cryptocurrency for less than a year, your disposals will be subject to short-term capital gains tax. For tax purposes, this is treated the same as ordinary income and can range from .10% - 37% depending on your income level
Could you please clarify for me how the taxation of cryptocurrency works? Specifically, how much tax do I have to pay if I dispose of my cryptocurrency within a year of acquiring it? I've heard that this is considered short-term capital gains tax, but I'm not entirely sure how it's calculated or what the tax rates are. Is it taxed the same as ordinary income? And what's the range of the tax rates, are they fixed or variable based on my income level? I'd really appreciate your detailed explanation on this matter.
