Crypto Investors: How to Find Out if You Owe Taxes on Your Cryptocurrency
— Rates, Taxable, Investors, Cryptocurrency, Taxes, Crypto, Transactions, Gains, Capital, Shortterm — 1 min read
If you make money from your cryptocurrency, you have to share a slice of your profits with the IRS. You'll have to pay taxes on crypto just like you do for stocks and other types of property. It's a good idea to consult with your CPA or tax advisor to learn more about how certain transactions may affect your taxes. You can bypass the short-term capital gains tax rates if you hold on to your crypto for over a year before selling it. The long-term crypto tax brackets are very appealing, giving you access to the 0% and 20% tax brackets for a single filer who earns up to $40,400 per year. If you are filing jointly, you could enjoy the 0.800 tax rate. Source