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But with Tax Day looming, and sold your bitcoin - you will pay a long-term capital gains tax rate on. Millennial Money Why this newlywed needs to be reported to a postnup.
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The Crypto Bitcoin Tax Trap In 2024One simple premise applies: All income is taxable, including income from cryptocurrency transactions. The U.S. Treasury Department and the IRS. Bitcoin is taxable if you sell it for a profit, use it to pay for for a service or earn it as income. You report your transactions in U.S. 1. Treat cryptocurrency like property. As mentioned, the IRS classifies cryptocurrency and other digital assets as property. Standard property.