Re:IRS Free File: Do Your Taxes for Free
by EVa5I7bHFq9mnYK on Saturday January 21, 2023 @04:00AM
(#34464995)
Crypto is simple. Anything mined/airdroped is ordinary income, anything bought and later sold is capital gains.
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Re:IRS Free File: Do Your Taxes for Free
by daveguy on Saturday January 21, 2023 @09:16AM
(#34466551)
If you held it for over year. Otherwise it's income of sale price - cost basis. Don't know about fees. I'm not an accountant, but I do know you have to hold an asset for at least 1 yr to count it as capital gains.
> I do know you have to hold an asset for at least 1 yr to count it as capital gains.
That is not true. Perhaps what you mean is that capital gains on assets held less than a year are taxed at a different rate than capital gains on assets held longer than a year?
Don't mean to get pedantic but I didn't want someone to read your comment and think that they owe no taxes on short-term capital gains. (What a crazy tax incentive that would be!)
Re:IRS Free File: Do Your Taxes for Free
by EVa5I7bHFq9mnYK on Sunday January 22, 2023 @08:35AM
(#34477206)
less than a year is called short term capital gains, it's basically same as ordinary income, except can be negative )