Are there any tax implications when using a Vanguard 529 plan in New York to invest in digital currencies?

3 answers

• DusanDec 09, 2022 · 3 years ago
  Investing in digital currencies through a Vanguard 529 plan in New York may have tax implications. The state of New York considers digital currencies as property for tax purposes. Therefore, any gains from the sale or exchange of digital currencies held in a Vanguard 529 plan may be subject to capital gains tax. It is important to consult with a tax professional to understand the specific tax implications based on your individual circumstances.
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• Mr. MechatronicDec 16, 2022 · 3 years ago
  Yes, there are tax implications when using a Vanguard 529 plan in New York to invest in digital currencies. The state of New York taxes digital currency investments as property, which means that any gains made from selling or exchanging digital currencies held in a Vanguard 529 plan may be subject to capital gains tax. It is recommended to consult with a tax advisor to fully understand the tax implications and ensure compliance with state tax laws.
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• Atkinson McConnellApr 29, 2023 · 2 years ago
  When using a Vanguard 529 plan in New York to invest in digital currencies, there may be tax implications to consider. The state of New York treats digital currencies as property, so any gains realized from the sale or exchange of digital currencies held in a Vanguard 529 plan may be subject to capital gains tax. It is advisable to consult with a tax professional to determine the specific tax implications based on your individual circumstances and to ensure compliance with state tax laws.
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