How to tax crypto currency

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You may have heard ofthe American Infrastructure Bill of the more popular cryptocurrencies, information to the IRS on protocol software.

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10 Top Countries for Crypto Investors: ZERO Crypto Tax
1. Treat cryptocurrency like property. As mentioned, the IRS classifies cryptocurrency and other digital assets as property. Standard property. For the tax year, that's between 0% and 37%, depending on your income. If the same trade took place a year or more after the crypto purchase, you'd owe long-term capital gains taxes. How to report crypto on taxes. Crypto gains and losses are reported on Form To fill out this form, provide the following information about your crypto.

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The difference between capital gains and losses is called net capital gain or loss. If you receive an audit letter from the IRS or State Department of Revenue on your TurboTax business return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Report Center , for audited business returns filed with TurboTax for the current tax year. Short-term capital gains and losses come from the sale of property that you held for one year or less. All online tax preparation software. Rewards or yield earned by staking other cryptocurrencies will be taxed as ordinary income � and the same applies to any income earned by mining on networks such as Bitcoin.