What are the tax implications of owning Shiba Inu in the USA?

1 answers

• Dec 17, 2021 · 3 years ago
  Hey there! So you're thinking about owning some Shiba Inu in the USA, huh? Well, let me tell you about the tax implications. The IRS treats cryptocurrencies like Shiba Inu as property, which means you gotta pay taxes on any gains or losses. If you sell your Shiba Inu within a year of buying it, you'll be hit with short-term capital gains tax. That's usually the same rate as your regular income tax. But if you hold onto your Shiba Inu for more than a year before selling, you'll get the benefit of long-term capital gains tax. That's usually a lower rate. Just make sure you keep track of all your transactions and report them properly on your tax return, or else the IRS might come knocking! 😉
  698349