What are the tax implications of buying digital assets with unsettled funds?
F233079 Amina NaveedSep 15, 2021 · 4 years ago1 answers
What are the potential tax consequences or implications that one should consider when purchasing digital assets using unsettled funds?
1 answers
- Mills ThraneOct 26, 2022 · 3 years agoWhen it comes to buying digital assets with unsettled funds, it's crucial to consider the potential tax implications. The IRS treats digital assets as property, which means that any gains you make from selling them may be subject to capital gains tax. The tax rate will depend on how long you hold the assets before selling. If you sell within a year, the gains will be taxed at your ordinary income tax rate. If you hold for more than a year, the gains will be subject to the lower capital gains tax rate. It's essential to keep accurate records of your digital asset transactions and consult with a tax professional to ensure compliance with tax laws.
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