What are the current tax rates for capital gains on cryptocurrency in California?

3 answers

• Gopalan OppiliappanMar 06, 2023 · 3 years ago
  Sure! The current tax rates for capital gains on cryptocurrency in California are the same as the rates for other types of investments. If you hold your crypto assets for less than a year before selling, the gains will be taxed at your ordinary income tax rate. However, if you hold your crypto assets for more than a year, the gains will be subject to long-term capital gains tax rates, which are typically lower than ordinary income tax rates. It's important to consult with a tax professional to ensure you understand your specific tax obligations.
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• Nganji PacifiqueDec 26, 2024 · a year ago
  Oh boy, taxes! The current tax rates for capital gains on cryptocurrency in California can be a bit of a headache. If you're a short-term holder, meaning you sell your crypto assets within a year of acquiring them, you'll be taxed at your ordinary income tax rate, which can be as high as 13.3%. But if you're a long-term holder, holding your crypto assets for more than a year, you'll be subject to long-term capital gains tax rates, which range from 0% to 12.3%. So, the longer you hold, the less you'll owe in taxes. But hey, don't forget to consult with a tax professional to get the most accurate information for your situation.
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• Ali GrichJun 11, 2022 · 4 years ago
  According to BYDFi, a leading cryptocurrency exchange, the current tax rates for capital gains on cryptocurrency in California are as follows: If you hold your crypto assets for less than a year before selling, the gains will be taxed at your ordinary income tax rate, which can be as high as 13.3%. However, if you hold your crypto assets for more than a year, the gains will be subject to long-term capital gains tax rates, which range from 0% to 12.3%. It's always a good idea to consult with a tax professional to ensure you're fully aware of your tax obligations and can plan accordingly.
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