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Tax season is here, and cryptocurrency investors need to understand their reporting obligations. This guide answers five common questions about crypto taxation in the U.S., helping traders stay compliant.
- Cryptocurrencies are taxed as property in the U.S., meaning capital gains rules apply, similar to stocks or real estate.
- Taxable events include selling crypto for fiat, trading between cryptocurrencies, using crypto for purchases, or earning crypto as income.
- Crypto exchanges often can't provide full tax documentation because they lack visibility into transactions made outside their platform.
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Other Tags: Internal Revenue Service, IRS