What are the tax implications of using cryptocurrency to pay off Great Lakes school loans?

3 answers

• Michel N'choApr 29, 2021 · 4 years ago
  Using cryptocurrency to pay off Great Lakes school loans may have tax implications. When you use cryptocurrency for any transaction, including loan repayment, it is considered a taxable event. The IRS treats cryptocurrency as property, so you may need to report the transaction and pay capital gains tax on the difference between the purchase price and the fair market value of the cryptocurrency at the time of repayment. It's important to consult with a tax professional to understand your specific tax obligations and how to properly report the transaction.
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• Shan-e-UlfatDec 24, 2020 · 5 years ago
  Paying off Great Lakes school loans with cryptocurrency can have tax implications. Cryptocurrency is treated as property by the IRS, so using it for loan repayment may trigger capital gains tax. You'll need to calculate the difference between the purchase price of the cryptocurrency and its value at the time of repayment. It's advisable to consult with a tax expert to ensure you comply with tax regulations and accurately report your transactions.
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• Luís SousaMay 17, 2022 · 3 years ago
  When you use cryptocurrency to pay off your Great Lakes school loans, it's important to consider the tax implications. Cryptocurrency is treated as property by the IRS, which means that using it for loan repayment may trigger capital gains tax. You'll need to calculate the capital gains based on the difference between the purchase price and the value of the cryptocurrency at the time of repayment. It's recommended to consult with a tax advisor to understand the specific tax rules and reporting requirements for cryptocurrency transactions.
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