What are the tax implications of earning 13m in cryptocurrencies from the Ready Player Me series?

1 answers

• Sindhya FlexMNov 12, 2020 · 5 years ago
  Earning 13 million in cryptocurrencies from the Ready Player Me series is no small feat! Congrats! But let's talk about the tax implications. When it comes to cryptocurrencies, the IRS treats them as property, not currency. This means that any gains you make from selling or exchanging cryptocurrencies are subject to capital gains tax. The tax rate will depend on how long you held the cryptocurrencies before selling them. If you held them for less than a year, you'll be subject to short-term capital gains tax, which is the same rate as your ordinary income tax rate. If you held them for more than a year, you'll be subject to long-term capital gains tax, which has different tax brackets and rates. It's important to keep track of your transactions and consult with a tax professional to ensure you're properly reporting your earnings and meeting your tax obligations.
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