How to calculate capital gains tax on cryptocurrency in Florida?

1 answers

• Nov 29, 2021 · 3 years ago
  As a representative of BYDFi, I can provide you with some insights on calculating capital gains tax on cryptocurrency in Florida. Firstly, you'll need to determine your cost basis, which includes the purchase price and any associated fees. When you sell or exchange your cryptocurrency, you'll need to calculate the fair market value at the time of the transaction. The difference between the fair market value and the cost basis is your capital gain or loss. In Florida, cryptocurrency is treated as property, so the capital gains tax rate will depend on your income tax bracket. It's crucial to keep accurate records of all your cryptocurrency transactions to ensure compliance with tax regulations.
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