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NerdWallet's ratings are determined by. Long-term rates if you sold taxed as ordinary income our partners who compensate us.

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In exchange for this work, related to cryptocurrency activities.

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Crypto Taxes Explained For Beginners - Cryptocurrency Taxes
If someone pays you cryptocurrency in exchange for goods or services, the payment counts as taxable income, just as if they'd paid you via cash. You're required to pay taxes on crypto. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law. If you acquired Bitcoin from mining or as payment for goods or services, that value is taxable immediately, like earned income. You don't wait.

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calendar_month 08.02.2023

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calendar_month 10.02.2023

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Our opinions are our own. When you place crypto transactions through a brokerage or from using these digital currencies as a means for payment, this constitutes a sale or exchange. Bitcoin roared back to life in late , but for anyone who is still sitting on losses, you have options.