What are the capital gain rates for cryptocurrency investments in California?

1 answers

• oemer faruk kartalFeb 24, 2021 · 4 years ago
  Well, it's not just California that has capital gain rates for cryptocurrency investments. It's a nationwide thing! In California, cryptocurrencies are treated as property for tax purposes, just like in most other states. This means that any gains you make from selling or exchanging cryptocurrencies are subject to capital gains tax. The tax rate you'll pay depends on your income level and how long you held the cryptocurrency. If you held it for less than a year, the gains will be taxed as ordinary income. If you held it for more than a year, the gains will be taxed at the long-term capital gains rate, which is typically lower. So, whether you're in California or any other state, make sure you're aware of the tax implications of your cryptocurrency investments and consult with a tax professional if needed.
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