Are there any special tax considerations for cryptocurrency investors in NYC?

1 answers

• Dec 15, 2021 · 3 years ago
  As a cryptocurrency investor in NYC, you should be aware of the tax considerations that come with your investments. The IRS treats cryptocurrency as property, so any gains or losses you make from buying or selling crypto are subject to capital gains tax. This tax applies to both short-term and long-term gains, depending on how long you hold the crypto. If you receive cryptocurrency as payment for goods or services, it's considered taxable income and must be reported on your tax return. Keep accurate records of your transactions and consult with a tax professional to ensure you comply with all tax regulations.
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