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Unfortunately, crypto taxes seem to be a confusing topic for many.
However, when taxing crypto, the Internal Revenue Service (IRS) considers it property.
That means its taxed the same way your stock investments would be taxed.
Its important to keep detailed records of all transactions.
They use it to make certain purchases, which may have unintended taxable consequences.
The tax rate is based on your ordinary tax rate, which is dependent on your taxable income.
She said if you are an employee and receive a W-2, the crypto should be included.
Staying Organized Is Crucial
Taxes can be complicated, even in the simplest of situations.
Addmore complex investmentslike crypto, and tax season can be even more complicated.
This will make tax time easier and ensure you stay compliant.
Using crypto-specific tax software can help simplify this process.
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