Do you have to file taxes on bitocin

do you have to file taxes on bitocin

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Crypto Taxes Explained For Beginners - Cryptocurrency Taxes
If you receive crypto as payment for goods or services or through an airdrop, the amount you receive will be taxed at ordinary income. Long-term gains are taxed at a reduced capital gains rate. These rates (0%, 15%, or 20% at the federal level) vary based on your income. However, you are required to report all of your taxable income from cryptocurrency on your tax return � regardless of the total amount.
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The signature of the donee on Form does not represent concurrence in the appraised value of the contributed property. For more information on the tax treatment of virtual currency, see Notice This can include trades made in cryptocurrency but also transactions made with the virtual currency as a form of payment for goods and services. Even if you do not receive a MISC from the entity which provided you a payment, you still need to report this income on your tax return.