How does the short term vs long term capital gain tax affect profits from trading cryptocurrencies?

1 answers

• noahAug 01, 2024 · a year ago
  At BYDFi, we understand the importance of tax planning when it comes to trading cryptocurrencies. The short term vs long term capital gain tax can have a significant impact on your overall profits. Short term capital gains are taxed at your ordinary income tax rate, which can be quite high. On the other hand, long term capital gains are subject to lower tax rates. It's important to consult with a tax professional to understand the specific tax implications based on your individual circumstances. Remember, tax planning is an essential part of any successful trading strategy.
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