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Remember, too, if you sold bitcoin in 2022 during the so-called crypto winter you may have booked a big capital loss and can apply whatever you weren’t able to use on your 2022 taxes on your ...
However, the emergence of Bitcoin exchange-traded funds in January 2024 may shake things up a bit on future tax returns. Investors who sold one of these funds may be wondering if they should ...
Biden administration is proposing a 30% tax on electricity used by #bitcoin miners, even if you are off-grid using your own solar and wind generation. All of the reasons they provide are ...
For tax year 2023, the IRS said taxpayers must answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return.
The European Union has passed no specific legislation relative to the status of bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services.
For example, if you own Bitcoin at a $5,000 profit but have a $5,000 loss on your position in PayPal stock, you can sell your stock and use that loss to offset your taxable Bitcoin gain.
The US Office of Foreign Assets Control listed two Iranians and their bitcoin addresses as part of its Specially Designated Nationals and Blocked Persons List for their role in the 2018 Atlanta cyberattack whose ransom was paid in bitcoin. [39] Some constituent states accept tax payments in bitcoin, including Colorado [40] and Zug (Switzerland ...
President Biden recently signed into law his $1.2 trillion bipartisan infrastructure bill, ushering in changes in transportation, social safety nets, broadband -- and how your crypto gets taxed.
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