How does Merrill Lynch handle taxes for cryptocurrency earnings?

3 answers

• Dec 17, 2021 · 3 years ago
  When it comes to taxes on cryptocurrency earnings, Merrill Lynch follows the guidelines set by the Internal Revenue Service (IRS). They treat cryptocurrency as property for tax purposes, which means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. Merrill Lynch provides their clients with the necessary tax forms, such as Form 1099, to report their cryptocurrency earnings accurately. It's important for investors to keep track of their transactions and consult a tax professional to ensure compliance with tax regulations.
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• Dec 17, 2021 · 3 years ago
  Merrill Lynch takes taxes on cryptocurrency earnings seriously. They understand the importance of complying with tax regulations and provide their clients with the necessary tools and resources to handle their cryptocurrency taxes. This includes providing tax forms and guidance on how to report cryptocurrency earnings accurately. It's always a good idea to consult with a tax professional or financial advisor to ensure you're meeting your tax obligations and maximizing your deductions.
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• Dec 17, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi does not handle taxes for cryptocurrency earnings. It is the responsibility of individual investors to report their earnings and pay the appropriate taxes. However, BYDFi provides users with transaction history and account statements that can be used for tax reporting purposes. It's important to consult with a tax professional or use tax software to accurately calculate and report your cryptocurrency earnings.
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