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Poll: Are you paying taxes on cryptocoin taxes this year?
In the US the IRS will tax trades from cryptocoins to fiat this past year as a capital gain. Hodl < 1year = short term and hodl > 1year = long term gain.
Moving forward the IRS will likely be taxing coin to coin trades as a capital gain as well. Though the capital gain rate varies by the traders tax bracket the max rates are: short = 39% and long = 20%.
- greenyoda 9y ago> short = 20% and long = 39% I think you got short/long rates reversed: short-term capital gains are taxed at the same rates as ordinary income (up to 39%), while long-term gains are taxed at the lower rate.
- will_brown 9y agoCorrected on the rate inverse. But I do believe the highest rate on short term gains is 39.6% last year and this year that will go down to 37%.