What are the tax implications for Robinhood users in 2024 regarding their cryptocurrency transactions?

1 answers

• Dec 18, 2021 · 3 years ago
  As a Robinhood user, you might be curious about the tax implications of your cryptocurrency transactions in 2024. Well, let me break it down for you. The IRS treats cryptocurrencies as property, which means that any gains or losses you make from buying, selling, or trading crypto are subject to capital gains tax. If you've held your crypto for less than a year, you'll be taxed at your ordinary income tax rate. But if you've held it for more than a year, you'll be eligible for lower tax rates. Now, I can't give you personalized tax advice, but it's always a good idea to consult with a tax professional or use tax software to make sure you're on the right side of the law. Happy trading!
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