What are the potential tax implications of long term capital gains on cryptocurrency in California?

3 answers

• Ranushan RachuNov 07, 2024 · 9 months ago
  When it comes to long term capital gains on cryptocurrency in California, it's important to understand that the tax laws treat cryptocurrency as property rather than currency. This means that any gains you make from selling or trading cryptocurrency will be subject to capital gains tax. The tax rate will depend on your income level and how long you held the cryptocurrency. It's recommended to consult with a tax professional to ensure you comply with the tax laws and take advantage of any available deductions or exemptions.
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• Elsa CoronelOct 24, 2020 · 5 years ago
  Alright, so here's the deal with long term capital gains on cryptocurrency in California. The taxman considers cryptocurrency as property, not money. So, if you make a profit from selling or trading your crypto, you'll have to pay capital gains tax. The rate of tax you pay will depend on your income and how long you held the crypto. It's always a good idea to talk to a tax expert to make sure you're following the rules and maximizing your deductions, if possible.
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• Pearl FoxMar 07, 2022 · 3 years ago
  When it comes to long term capital gains on cryptocurrency in California, you need to be aware of the tax implications. Cryptocurrency is considered property by the tax authorities, which means that any gains you make from selling or trading it will be subject to capital gains tax. The tax rate will depend on your income level and how long you held the cryptocurrency. It's important to keep accurate records of your transactions and consult with a tax professional to ensure you comply with the tax laws and minimize your tax liability.
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