What are the tax implications of crypto futures trading in the US?

1 answers

• TundeSep 03, 2024 · a year ago
  As a representative of BYDFi, I can provide some insights into the tax implications of crypto futures trading in the US. Similar to spot trading, profits from crypto futures trading are subject to capital gains tax. The tax rate depends on the holding period of the futures contracts. If you hold the contracts for less than a year, the gains will be taxed at your ordinary income tax rate. If you hold them for more than a year, the gains will be taxed at the long-term capital gains rate. It's important to keep accurate records of your trades and report your gains and losses on Schedule D of your tax return. Additionally, it's worth noting that tax laws and regulations can change, so it's always a good idea to consult with a tax professional for the most up-to-date information and guidance.
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