Does tax apply to crypto
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For example, crypto assets can be used to pay for products and services; traded for other cryptocurrencies; to pay or receive payment for non-fungible tokens NFTs ; to invest in start-up businesses; or even be mined, which means earning crypto by participating in its underlying blockchain authentication process.
In the eyes of the IRS, any time crypto is used as a medium of exchange, it becomes taxable. For example, if someone pays for a good or service with crypto, and profits from the difference in price between the good or service and the purchase price of the crypto, then the profit is reported as ordinary income. Mined crypto earnings are also taxed as income. However, if one sells or trades crypto, any profits are taxed as capital gains, just as if they were selling a stock. A soft fork can be thought of as a brand extension, as when Bitcoin soft-forked into Bitcoin Gold, Diamond, Private, etc.
On the other hand, a hard fork is when an entirely new cryptocurrency is created, and its value appreciates or depreciates in a separate blockchain from the original crypto. At the moment, NFTs are being used mostly by artists and musicians to ensure the authenticity of a work through its unique blockchain. Basically, if someone creates or purchases an NFT, then sells or trades it, any profits will be subject to capital gains tax.
If crypto is used to purchase an NFT and it usually is , the buyer is essentially cashing out their crypto to make the purchase, and is taxed accordingly. Growing interest in crypto Although tax law for crypto is still evolving and will likely continue to do so, the IRS has issued a fairly extensive list of FAQs to answer most questions pertaining to the tax year. For individuals who have done even a modest amount of crypto trading, however, the ins and outs of evolving crypto tax law might appear daunting.
In exchange for this work, you may receive payment in new crypto tokens. Did you get crypto as a reward or an airdrop? If you receive cryptocurrency through a marketing promotion or an airdrop, it counts as taxable income. Did you receive payment for goods or services in cryptocurrency? If someone pays you crypto for goods or services rendered, the entire payment counts as taxable income, just as if they paid you in cash. Unlike a cash payment, though, your customer might also owe income taxes if their crypto provides them with greater value than they paid for it.
Did you sell cryptocurrency to realize an investment gain? If you sell crypto for more than you paid for it, you owe tax on the gain as you would with stocks or mutual funds.
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