Tax reporting in the United States is difficult because the Internal Revenue Service considers Cryptocurrency to be property, not currency, which means that it is subject to capital gains tax like stocks or real estate.
This means taxpayers can be taxed up to 37% with short-term cryptocurrency gains. The way around this is to hold your cryptocurrency investment for over one year. However, we all know that sometimes it is best to sell or we need the money, or we have other obligations that must be satisfied.
Regardless of the reason, short-term Capital Gains Taxes are brutal. Watch this #shorts video to hear why and how to lower your cryptocurrency taxes. Look to your right to view the affordable online course on How to Avoid Capital Gains Taxes, Legally. Or click this link to view the easy course on Udemy.
