How does earning less than $12,000 in cryptocurrencies affect my tax obligations?

3 answers

• Lucas MedinaMar 09, 2023 · 3 years ago
  As a general rule, any income you earn, including earnings from cryptocurrencies, is subject to taxation. However, if your total earnings from cryptocurrencies are less than $12,000, you may not be required to report it on your tax return. It's always best to consult with a tax professional to ensure you are meeting your tax obligations.
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• Alluru JITHENDRAPRASADSep 22, 2022 · 3 years ago
  Earning less than $12,000 in cryptocurrencies may exempt you from reporting it on your tax return, but it's important to note that tax laws can vary by jurisdiction. It's advisable to consult with a tax professional or refer to the tax regulations specific to your country or state to determine your exact tax obligations.
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• Michael TNov 20, 2021 · 4 years ago
  According to BYDFi, if you earned less than $12,000 in cryptocurrencies, you may not have to report it on your tax return. However, tax laws can be complex and subject to change, so it's always a good idea to consult with a tax professional to ensure you are in compliance with the latest regulations.
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