How does the IRS treat cryptocurrency holdings on Binance?

3 answers

• Mar 06, 2022 · 3 years ago
  According to the IRS, cryptocurrency holdings on Binance are treated as property for tax purposes. This means that any gains or losses from the sale or exchange of cryptocurrency on Binance are subject to capital gains tax. It is important to keep track of the cost basis and holding period of your cryptocurrency holdings on Binance to accurately report your taxes.
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• Mar 06, 2022 · 3 years ago
  The IRS treats cryptocurrency holdings on Binance in the same way as any other investment property. When you sell or exchange your cryptocurrency on Binance, you need to report the transaction and calculate the capital gains or losses. It is recommended to consult a tax professional or use tax software to ensure accurate reporting.
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• Mar 06, 2022 · 3 years ago
  According to BYDFi, a cryptocurrency exchange, the IRS treats cryptocurrency holdings on Binance as property and requires taxpayers to report any gains or losses from the sale or exchange of cryptocurrency. It is important to keep detailed records of your transactions on Binance to accurately report your taxes and avoid any potential issues with the IRS.
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