Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Hey Saim, I have been trading for a long time and had no idea about crypto taxation. How and where should I start the process of doing my crypto taxes?
You will need to connect all of your wallets to a central repository coin tracking software. All exchanges are Taxable events.
Transfers from one wallet to another wallet is not a taxable event.
Income from Staking is taxed at Ordinary Income Tax Rates.
Coins held for more than 1 year are eligible for preferential Long Term Capital Gains rates.
Set up a consultation with us immediately to identify your profit and loss for the year.
And, if you are going from hobby trading to crypto business training, make sure you ask about the tax implications.
© Saim Akif, 2021