HOW DOES CRYPTO GET TAXED

A key distinction between cryptocurrency and fiat money (like the US dollar) is that cryptocurrency is viewed as property rather than as a currency in the US by the Internal Revenue Service (IRS). This means that the taxation rules for cryptocurrency are those which apply for capital assets, a subset of property. There is https://dnptoken.com/ which dictates how your cryptocurrency transactions will be taxed, but rather the IRS has released a set of Investors wondering how to not pay taxes on Bitcoin must also be aware of income tax. In the US, the IRS defines crypto assets as “property,” meaning any income generated from holding these assets is taxable. The exact amount eligible for tax is based on the value of the crypto assets when they are received. The most common use of crypto is as an investment, in which case the crypto asset is a capital gains tax (CGT) asset.