What are the tax implications of common law marriage for cryptocurrency investors?

1 answers

• pkat121Sep 01, 2023 · 2 years ago
  As a cryptocurrency investor in a common law marriage, it's important to understand the tax implications of your investments. The IRS considers cryptocurrency as property, which means that any gains or losses from buying, selling, or trading crypto are subject to capital gains tax. If you and your partner file your taxes jointly, you'll need to report your crypto investments and any capital gains or losses on your tax return. Additionally, if you gift cryptocurrency to your spouse, it may be subject to gift tax. It's crucial to consult with a tax professional who specializes in cryptocurrency investments and common law marriages to ensure you are compliant with tax laws and regulations.
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