As of June 19, 2025, cryptocurrency is generally taxed either as capital gains or income, depending on several factors․
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Taxation Types
- Capital Gains Tax: Applies when you sell crypto held for investment․ The rate depends on the holding period․ Short-term (less than 12 months) gains are taxed at ordinary income rates (10-37%)․ Long-term gains are taxed at 0-20%․
- Income Tax: Applies when you receive crypto as income (e․g․, from mining, staking, or as payment for services)․ Taxed at your ordinary income rate․
Tax software can assist with calculations and filing․
Taxable Events
Several crypto-related activities can trigger a tax liability․ These include:
- Selling Crypto: As mentioned, selling crypto for fiat currency (like USD) or another crypto asset is a taxable event․
- Trading Crypto: Exchanging one cryptocurrency for another is also considered a taxable event․ You are essentially selling one crypto and buying another․
- Spending Crypto: Using crypto to purchase goods or services is treated as selling the crypto․
- Receiving Crypto as Income: Whether you’re a freelancer paid in crypto, a miner earning block rewards, or staking crypto and receiving interest, these are all considered taxable income․
- Airdrops: Receiving free tokens via an airdrop can be considered taxable income at the fair market value of the tokens when you receive them․
Non-Taxable Events
Certain activities are generally not considered taxable events:
- Buying Crypto: Simply purchasing crypto with fiat currency is not a taxable event․ It’s considered an investment․
- Holding Crypto: Just holding crypto in your wallet doesn’t trigger a tax liability․
- Transferring Crypto Between Wallets You Own: Moving crypto between your own wallets is generally not taxable as long as you maintain ownership․
- Donating to Qualified Charities: Donating cryptocurrency to a registered charity may be tax-deductible, but consult with a tax professional for specific guidance․
Record Keeping is Crucial
Accurate record-keeping is essential for reporting your crypto taxes․ You should keep records of:
- Date of each transaction
- Type of transaction (buy, sell, trade, income, etc․)
- Amount of crypto involved
- Fair Market Value (FMV) of the crypto at the time of the transaction
- The fiat value (e․g․, USD) of the transaction
- Wallet addresses involved
Using Crypto Tax Software
Calculating crypto taxes can be complex, especially if you have a high volume of transactions․ Crypto tax software can automate this process by:
- Importing transaction data from exchanges and wallets
- Calculating capital gains and losses
- Generating tax forms (like Form 8949 in the US)
- Providing audit trails
This information is for general guidance only and does not constitute tax advice․ Cryptocurrency tax laws are constantly evolving and can vary depending on your jurisdiction․ It is highly recommended to consult with a qualified tax professional to ensure you are complying with all applicable tax laws․
