Are there any states that have no de minimis exemption for cryptocurrency transactions?

3 answers

• Bhavesh HaryaniMar 10, 2022 · 3 years ago
  Yes, there are several states in the United States that do not have a de minimis exemption for cryptocurrency transactions. These states include California, New York, and Texas. In these states, any cryptocurrency transaction, regardless of the amount, is subject to taxation. It is important for cryptocurrency users in these states to be aware of their tax obligations and report their transactions accordingly.
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• RajanDec 27, 2020 · 5 years ago
  Absolutely! Some states, like California, New York, and Texas, have no de minimis exemption for cryptocurrency transactions. This means that even the smallest cryptocurrency transaction is subject to taxation. So, if you're a crypto enthusiast in one of these states, make sure to keep track of all your transactions and report them to the tax authorities.
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• Himanshu KholiyaApr 26, 2022 · 3 years ago
  Indeed, there are states that do not provide a de minimis exemption for cryptocurrency transactions. For example, California, New York, and Texas have no threshold for tax exemption on cryptocurrency transactions. This means that even the tiniest crypto transaction in these states is taxable. It's important to stay informed about the tax laws in your state and fulfill your tax obligations accordingly. If you need more information on this topic, you can consult with a tax professional or visit the official website of the tax authority in your state.
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