What are the tax implications of holding cryptocurrencies in a custodial account on Schwab?

1 answers

• Cowan SchmidtAug 23, 2024 · a year ago
  As an expert in the field, I can tell you that holding cryptocurrencies in a custodial account on Schwab can have tax implications. The IRS treats cryptocurrencies as property, so any gains or losses from selling or exchanging cryptocurrencies are subject to capital gains tax. This means that if you make a profit from selling your cryptocurrencies, you will need to report it on your tax return and pay taxes on the gains. It's important to keep track of your transactions and accurately report them to the IRS. If you have any specific questions about your tax obligations, it's always a good idea to consult with a tax professional who is knowledgeable about cryptocurrencies and the tax laws surrounding them.
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