When Do You Owe Taxes On Your Crypto?
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When Do You Owe Taxes On Your Crypto?
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New investors may forget to consider taxes when dipping their toes into the crypto world. However, the IRS is cracking down on tax compliance. Be aware of how to handle your tax reporting when it comes to your digital assets.
Taxable events from crypto investments require tax reporting. A taxable event means a scenario that triggers or realizes income. When you buy Bitcoin at $1,000 and the value goes up to $1,500 and you sell it, it is a taxable event. Your realized gain is $500.
As stated in the IRS virtual currency guidance, taxable events for digital currency are trading crypto to a currency such as the US dollar, trading one cryptocurrency for another digital currency, spending cryptocurrency to purchase goods or services, and earning cryptocurrency as income.
If you have any questions, contact me at 877-6-SOLVER.
Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: https://www.liberatorecpa.com/