Do I have to pay taxes on cryptocurrency if I sell and reinvest on Robinhood?

7 answers

• Nov 28, 2021 · 3 years ago
  Yes, you are generally required to pay taxes on the profits you make from selling cryptocurrency, even if you reinvest the proceeds on Robinhood. The IRS treats cryptocurrency as property, so any gains you make from selling it are subject to capital gains tax. It's important to keep track of your transactions and report them accurately on your tax return.
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• Nov 28, 2021 · 3 years ago
  Absolutely! When you sell cryptocurrency and reinvest the proceeds on Robinhood, you still need to report the profits you made as taxable income. The IRS has been cracking down on cryptocurrency tax evasion, so it's crucial to stay compliant and accurately report your transactions.
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• Nov 28, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, you are required to pay taxes on the profits you make from selling cryptocurrency, even if you reinvest the proceeds on Robinhood. The IRS considers cryptocurrency as property, and any gains are subject to capital gains tax. Make sure to consult a tax professional for specific advice based on your individual circumstances.
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• Nov 28, 2021 · 3 years ago
  Yes, unfortunately, you do have to pay taxes on the profits you make from selling cryptocurrency, even if you reinvest the proceeds on Robinhood. The IRS treats cryptocurrency as property, and any gains are subject to capital gains tax. It's important to keep accurate records of your transactions and consult a tax professional for guidance.
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• Nov 28, 2021 · 3 years ago
  Oh, for sure! Selling and reinvesting cryptocurrency on Robinhood doesn't exempt you from paying taxes on the profits you made. The IRS considers cryptocurrency as property, and any gains are subject to capital gains tax. Don't forget to report your transactions accurately and consult a tax professional if you need help.
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• Nov 28, 2021 · 3 years ago
  Yes, you definitely need to pay taxes on the profits you make from selling cryptocurrency, even if you reinvest the proceeds on Robinhood. The IRS has specific rules for reporting cryptocurrency transactions, and failure to comply can result in penalties. Make sure to keep track of your transactions and seek professional tax advice if needed.
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• Nov 28, 2021 · 3 years ago
  Absolutely! Selling and reinvesting cryptocurrency on Robinhood doesn't exempt you from paying taxes. The IRS treats cryptocurrency as property, and any gains are subject to capital gains tax. It's important to stay compliant and accurately report your transactions to avoid any potential issues with the IRS.
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