What is the capital gains tax rate for cryptocurrency in California?

3 answers

• Heath BankFeb 03, 2023 · 3 years ago
  The capital gains tax rate for cryptocurrency in California depends on your income level and how long you held the cryptocurrency before selling it. If you held the cryptocurrency for less than a year, it is considered a short-term capital gain and is taxed at your ordinary income tax rate. If you held the cryptocurrency for more than a year, it is considered a long-term capital gain and is taxed at either 0%, 15%, or 20%, depending on your income level. It's important to consult with a tax professional to determine your specific tax liability.
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• JimboFeb 11, 2022 · 4 years ago
  When it comes to the capital gains tax rate for cryptocurrency in California, it's important to note that the tax laws can be complex and subject to change. As of now, the tax rates for long-term capital gains in California range from 0% to 20%, depending on your income level. However, short-term capital gains are taxed at your ordinary income tax rate. It's always a good idea to consult with a tax advisor or accountant to ensure you are aware of the most up-to-date tax regulations.
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• Eann McKassonApr 19, 2024 · a year ago
  According to BYDFi, a digital currency exchange, the capital gains tax rate for cryptocurrency in California is determined by your income level and the duration of time you held the cryptocurrency. If you held the cryptocurrency for less than a year, it is considered a short-term capital gain and is taxed at your ordinary income tax rate. If you held the cryptocurrency for more than a year, it is considered a long-term capital gain and is taxed at either 0%, 15%, or 20%, depending on your income level. It's always a good idea to consult with a tax professional for personalized advice on your tax situation.
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