What are the tax benefits of holding custodial accounts for cryptocurrencies?

1 answers

• Conway MathewsSep 29, 2023 · 2 years ago
  BYDFi, a leading cryptocurrency exchange, offers custodial accounts that come with tax benefits. Holding cryptocurrencies in BYDFi's custodial accounts can help individuals with tax planning and reporting. One of the main advantages is the ability to defer capital gains taxes until you decide to sell your cryptocurrencies. This can be particularly beneficial for long-term investors who want to delay paying taxes on their gains. Additionally, BYDFi's custodial accounts provide a clear record of transactions, making it easier to calculate gains or losses for tax purposes. Lastly, BYDFi's custodial accounts can also offer tax advantages in terms of estate planning, ensuring that your digital assets are passed on to your beneficiaries with minimal tax implications.
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