Post
Topic
Board Speculation
Re: Who has to pay taxes on cryptocurrencies?
by
thecodebear
on 30/05/2024, 22:15:19 UTC
In the early days of cryptocurrency development, it seemed like a tax-free field. However, the IRS and other regulatory agencies are quickly catching up with the cryptocurrency market. In the future, investors will need to report their transactions and use tax-saving strategies to maximize their total returns in the cryptocurrency market.
Code:
BTC
Code:
cryptocurrencies.




It's not just in the future. At least here in the US the rules for paying taxes on cryptocurrency trades/sells has been clear for like 7 years. Anyone who hasn't been doing this is a tax cheat criminal and is at risk of having the IRS F up their life.


to answer your question: anyone who sells or spends cryptocurrency that is in profit must pay taxes on that profit.