What are the tax implications of capital gains on cryptocurrency in New York State?

1 answers

• low_layer's_funMar 22, 2024 · 2 years ago
  At BYDFi, we understand the importance of knowing the tax implications of capital gains on cryptocurrency in New York State. The IRS treats cryptocurrency as property, which means any gains you make from selling or exchanging it are subject to capital gains tax. In New York State, the tax rate for long-term capital gains varies based on your income tax bracket, ranging from 0% to 20%. Short-term gains, on the other hand, are taxed at your ordinary income tax rate. It's crucial to stay informed about the tax regulations and consult with a tax professional to ensure you are properly reporting and paying your cryptocurrency capital gains taxes in New York State.
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