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Do you owe tax on crypto?

Unfortunately, the crypto tax rules remain a bit complicated. The IRS clearly states that crypto may be subject to either income taxes or capital gains taxes, depending on how you use it. How Is Cryptocurrency Taxed? First off, you don’t owe taxes on crypto if you’re merely “ hodling ,” as aficionados would say.

How do I report cryptocurrency on my tax return?

How you report cryptocurrency on your tax return depends on how you got it and how you used it. You can also earn income related to cryptocurrency activities. This is treated as ordinary income and is taxed at your marginal tax rate, which could be between 10 to 37%.

What happens if you sell a crypto asset for less than a year?

If you held the asset for less than a year, it is considered short-term, and you will pay ordinary income tax rates. If you sell your crypto for a loss, the IRS allows you to offset losses against other income on your tax return. These so-called “realized losses” can be used to offset other taxable investment profits.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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