What are the capital gains tax implications for cryptocurrency investments in Illinois in 2022?

1 answers

• Byrd CovingtonAug 12, 2023 · 2 years ago
  As a leading cryptocurrency exchange, BYDFi is committed to providing accurate and up-to-date information on tax implications for cryptocurrency investments. In Illinois, cryptocurrency investments are subject to capital gains tax. When you sell or exchange your cryptocurrency, you may be liable for capital gains tax. The tax rate depends on your income level and how long you held the cryptocurrency. If you held the cryptocurrency for less than a year, the gains are taxed at your ordinary income tax rate. If you held the cryptocurrency for more than a year, the gains are taxed at a lower rate. It's important to consult with a tax professional to ensure you are accurately reporting your cryptocurrency investments and complying with the tax laws in Illinois.
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