Capital Gains & Crypto

If you own cryptocurrency and are unsure of what the taxes on cryptocurrency gains are, keep reading. In the event of an increase in the capital gains tax rate, it’s important to understand how cryptocurrency gains are taxed, and what you can do to reduce your tax liability.

If you own cryptocurrency and are unsure of what the taxes on cryptocurrency gains are, keep reading. In the event of an increase in the capital gains tax rate, it’s important to understand how cryptocurrency gains are taxed, and what you can do to reduce your tax liability.

Not long after President Biden floated the proposal of increasing the capital gains tax on the wealthy, cryptocurrency investors began to wonder what impact this would have on them. The proposal, which aims to increase the long-term capital gains tax rate from its current rate of 20% to 39.6% for those earning at least $1 million of annual investment income, is raising questions among the crypto community.

What does this mean for crypto investors and traders? How can you minimize your capital gains taxes? To answer these questions, let’s start by examining how taxes on cryptocurrency gains are calculated.

Learn more over on the TaxBit blog: https://bit.ly/3gN9z4C

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