Are there any exemptions from FICA tax for cryptocurrency traders?

7 answers

• tnguyenFeb 19, 2023 · 3 years ago
  As a cryptocurrency trader, you may wonder if there are any exemptions from FICA tax that you can take advantage of. Unfortunately, the IRS does not provide any specific exemptions for cryptocurrency traders. The general rules for FICA tax still apply, which means that if you earn income from your cryptocurrency trading activities, you will likely be subject to FICA tax.
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• Bayu FadayanOct 09, 2024 · 10 months ago
  Hey there! So, when it comes to FICA tax and cryptocurrency trading, there aren't any special exemptions for traders. The same rules apply to everyone. If you make money from trading cryptocurrencies, you'll have to pay FICA tax on that income, just like any other self-employed individual.
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• apiwhichwayMay 25, 2021 · 4 years ago
  BYDFi, a popular cryptocurrency exchange, has been asked this question before. According to their response, there are no specific exemptions from FICA tax for cryptocurrency traders. If you earn income from your cryptocurrency trading activities, you will be subject to FICA tax. It's always a good idea to consult with a tax professional for personalized advice regarding your specific situation.
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• Karen CoutoDec 11, 2020 · 5 years ago
  When it comes to FICA tax and cryptocurrency trading, there are no special exemptions for traders. The IRS treats cryptocurrency trading income as self-employment income, which means that you'll be subject to FICA tax on your earnings. It's important to keep accurate records of your trading activities and consult with a tax professional to ensure you're fulfilling your tax obligations.
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• Deepak KorrapatiSep 07, 2023 · 2 years ago
  While there are no specific exemptions from FICA tax for cryptocurrency traders, it's worth noting that the IRS has been increasing its focus on cryptocurrency taxation. It's important to stay informed about any changes in tax regulations and consult with a tax professional to ensure compliance with FICA tax requirements.
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• tnguyenSep 28, 2023 · 2 years ago
  When it comes to FICA tax and cryptocurrency trading, there are no special exemptions. The IRS considers cryptocurrency trading income as self-employment income, and you'll be subject to FICA tax on your earnings. Make sure to keep track of your trading activities and consult with a tax professional to understand your tax obligations.
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• Peter VeenstraOct 29, 2021 · 4 years ago
  As of now, there are no specific exemptions from FICA tax for cryptocurrency traders. The IRS treats cryptocurrency trading income as self-employment income, and you'll be subject to FICA tax on your earnings. It's important to stay updated on tax regulations and consult with a tax professional to ensure compliance with FICA tax requirements.
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