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What are the tax implications of buying and selling GME stock using cryptocurrency?

avatarDark_GhostDec 16, 2021 · 3 years ago1 answers

Can you explain the tax implications of using cryptocurrency to buy and sell GME stock? How does the IRS treat these transactions and what are the reporting requirements?

What are the tax implications of buying and selling GME stock using cryptocurrency?

1 answers

  • avatarDec 16, 2021 · 3 years ago
    As a third-party cryptocurrency exchange, BYDFi is not able to provide tax advice. However, when it comes to buying and selling GME stock using cryptocurrency, it's important to understand the tax implications. The IRS treats cryptocurrency as property, so any gains or losses from these transactions are subject to capital gains tax. If you sell GME stock using cryptocurrency, you'll need to report the transaction and calculate your capital gains or losses based on the fair market value of the stock at the time of the transaction. It's always recommended to consult with a tax professional to ensure compliance with the reporting requirements and to optimize your tax strategy.