Cryptocurrencies are often seen as a way to evade taxes, but the reality is that they are just like any other form of income when it comes to taxation. How does taxes on crypto work? Let’s take a look. Cryptocurrencies are considered property for tax purposes. This means that when you sell a cryptocurrency for […]
What Are Crypto Taxes
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can […]
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What Happens If I Don’t File My Crypto Taxes
If you are a US taxpayer and you have received income from cryptocurrency transactions, you are required to report that income on your tax return. Failing to do so can result in serious penalties. In general, you are required to report any income that you earn on your tax return. This includes income from cryptocurrency […]
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