Digging into “ are crypto gains taxed “ starts with the IRS’s reporting rules, which treat crypto as property, not cash. Sales, trades or crypto payments are taxable activities and being late with your filing can lead to severe penalties. Lots of people have been fined $2,000 for failing to report $100 trades to the authorities. Be sure to monitor the cost basis, fair market value and transaction dates to adhere to the rules. There’s a chance that a forgotten trade could cause you to pay twenty percent, while a few months’ worth might lead to ruin. Ignorance of the rulebook could leave you in danger.
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