https://www.lexisnexis.com/community/lexis-legal-advantage/w/faq/46/what-is-the-capital-gains-rate-for-cryptocurrencyen-USTelligent Community 9https://www.lexisnexis.com/community/lexis-legal-advantage/w/faq/46/what-is-the-capital-gains-rate-for-cryptocurrencyTue, 07 Jan 2020 00:47:11 GMT39668f7f-eeae-45ef-a75f-231f85198c72:8af6b207-6923-4e85-b025-864cf81a8850paulsakalashttps://www.lexisnexis.com/community/lexis-legal-advantage/w/faq/46/what-is-the-capital-gains-rate-for-cryptocurrency#commentsCurrent Revision posted to FAQ by paulsakalas on 1/6/2020 7:47:11 PM<br /> <p class="p1">For starters, if you didn&rsquo;t know cryptocurrency is taxable, <a href="/community/lexis-legal-advantage/w/faq/33/how-is-cryptocurrency-taxed" target="_blank"><span class="s1"><strong>please read this</strong></span></a>.</p> <p class="p2">Since it&rsquo;s not officially issued by any country, the IRS doesn&rsquo;t view cryptocurrencies (Bitcoin, Litecoin, etc.) as a currency. Instead, it&rsquo;s seen as an asset, making the sale and exchange of cryptocurrency a taxable event.</p> <p class="p2">That also means cryptocurrency can be subject to capital gains tax when used to make a purchase. The capital gains tax varies from zero percent to over 25 percent, based on a few variables like your taxable income and the types of items being bought/sold. If you want to see a more complete breakdown, <a href="https://www.irs.gov/ta" target="_blank"><span class="s1"><strong>this page on the IRS website talks about capital gains and losses</strong></span></a>.</p> <div style="font-size: 90%;">Tags: Cryptocurrency, Tax Law, Tax, Taxation</div> https://www.lexisnexis.com/community/lexis-legal-advantage/w/faq/46/what-is-the-capital-gains-rate-for-cryptocurrency/revision/1Tue, 07 Jan 2020 00:46:42 GMT39668f7f-eeae-45ef-a75f-231f85198c72:8af6b207-6923-4e85-b025-864cf81a8850paulsakalashttps://www.lexisnexis.com/community/lexis-legal-advantage/w/faq/46/what-is-the-capital-gains-rate-for-cryptocurrency#commentsRevision 1 posted to FAQ by paulsakalas on 1/6/2020 7:46:42 PM<br /> <p class="p1">For starters, if you didn&rsquo;t know cryptocurrency is taxable, <a href="/community/lexis-legal-advantage/w/faq/33/how-is-cryptocurrency-taxed"><span class="s1"><strong>please read this</strong></span></a>.</p> <p class="p2">Since it&rsquo;s not officially issued by any country, the IRS doesn&rsquo;t view cryptocurrencies (Bitcoin, Litecoin, etc.) as a currency. Instead, it&rsquo;s seen as an asset, making the sale and exchange of cryptocurrency a taxable event.</p> <p class="p2">That also means cryptocurrency can be subject to capital gains tax when used to make a purchase. The capital gains tax varies from zero percent to over 25 percent, based on a few variables like your taxable income and the types of items being bought/sold. If you want to see a more complete breakdown, <a href="https://www.irs.gov/ta"><span class="s1"><strong>this page on the IRS website talks about capital gains and losses</strong></span></a>.</p> <div style="font-size: 90%;">Tags: Cryptocurrency, Tax Law, Tax, Taxation</div>