What is the current tax rate for short term capital gains on cryptocurrency in California?

3 answers

• mr.necessarySep 16, 2021 · 4 years ago
  The current tax rate for short term capital gains on cryptocurrency in California is based on your income tax bracket. If you fall into the 10% or 12% bracket, the tax rate for short term capital gains is 0%. For those in the 22%, 24%, 32%, or 35% bracket, the tax rate is 15%. And if you are in the highest tax bracket of 37%, the tax rate for short term capital gains is 20%. It's important to consult with a tax professional for accurate and up-to-date information regarding your specific situation.
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• EzequielSep 07, 2024 · a year ago
  Hey there! So, the tax rate for short term capital gains on cryptocurrency in California depends on your income tax bracket. If you're in the lower brackets, you won't have to pay any taxes on your gains. But if you're in the higher brackets, you'll have to pay a percentage of your gains as taxes. Make sure to check with a tax advisor to get the most accurate information for your situation. Happy trading!
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• SathsaraFeb 19, 2021 · 4 years ago
  According to the current tax regulations in California, the tax rate for short term capital gains on cryptocurrency varies based on your income tax bracket. If you are in the lower tax brackets, you may not have to pay any taxes on your gains. However, if you fall into the higher tax brackets, you will be subject to a tax rate ranging from 15% to 20%. It's always recommended to consult with a tax professional to ensure compliance with the latest tax laws and regulations.
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