What are the tax implications of buying and selling Shiba Inu in the USA?

1 answers

• Jan 11, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the tax implications of buying and selling Shiba Inu in the USA. The IRS treats cryptocurrencies like Shiba Inu as property, which means that any gains or losses from Shiba Inu transactions are subject to capital gains tax. Short-term gains are taxed at your ordinary income tax rate, while long-term gains are subject to lower tax rates. It's important to keep track of your transactions and report them accurately to ensure compliance with the tax laws. If you have any specific questions regarding tax implications, it's recommended to consult with a tax professional who is knowledgeable in cryptocurrency taxation.
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