Technology

Own Crypto? Here’s How to Avoid Running Afoul of the IRS.

Investors in cryptocurrencies may be sitting on big profits. Bitcoin and Ethereum, the two largest cryptos, are up 100% and 470% this year, respectively. Solana, another major coin, is ahead 13,300%, while the “joke” token Dogecoin has gained 49,000%. While the profits may have enriched crypto owners, taxes may be coming due soon, and the situation isn’t clear-cut. The government taxes crypto-like any other investment—in other words, it’s considered an asset, like a stock, and not a currency. So, selling can incur significant capital-gains taxes, especially if you’ve owned coins for a year or less. And if you’ve earned interest by lending or “staking” tokens, that interest is taxable, just like interest from a bond or bank account.

Full story : Own Crypto? Here’s How to Avoid Running Afoul of the IRS.

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