What are the tax implications for trading digital currencies on eTrade?

1 answers

• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the tax implications of trading digital currencies on eTrade. Just like any other investment, profits from trading cryptocurrencies are generally subject to capital gains tax. This means that if you make a profit from selling or exchanging digital currencies on eTrade, you may need to report it as taxable income. However, if you incur a loss, you may be able to offset it against other capital gains or even carry it forward to future years. It's important to consult with a tax professional who specializes in cryptocurrency taxation to ensure you are compliant with the tax laws in your jurisdiction.
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