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TagsWhat are the tax implications of capital gains on cryptocurrency in New York State?
M Mohiuddin MiranNov 24, 2021 · 3 years ago1 answersI would like to know more about the tax implications of capital gains on cryptocurrency in New York State. Can you provide me with some information on how cryptocurrency capital gains are taxed and what the specific regulations are in New York State?
1 answers
- At BYDFi, we understand the importance of knowing the tax implications of capital gains on cryptocurrency in New York State. The IRS treats cryptocurrency as property, which means any gains you make from selling or exchanging it are subject to capital gains tax. In New York State, the tax rate for long-term capital gains varies based on your income tax bracket, ranging from 0% to 20%. Short-term gains, on the other hand, are taxed at your ordinary income tax rate. It's crucial to stay informed about the tax regulations and consult with a tax professional to ensure you are properly reporting and paying your cryptocurrency capital gains taxes in New York State.Nov 24, 2021 · 3 years ago
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