How does the taxation of USDC work?

1 answers

• Rasch GeorgeOct 24, 2022 · 3 years ago
  The taxation of USDC in the United States follows the same rules as other cryptocurrencies. USDC is considered property by the IRS, so any gains or losses from using or trading USDC are subject to capital gains tax. Short-term gains, from holding USDC for less than a year, are taxed at your regular income tax rate. Long-term gains, from holding USDC for more than a year, are taxed at a lower rate. It's important to keep track of your USDC transactions and report them accurately on your tax returns to stay compliant with the tax laws.
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