US crypto investors face a critical tax deadline on April 15, 2025, for filing their 2024 tax returns. The IRS categorizes cryptocurrencies as property, meaning gains from selling or trading crypto are taxable. Short-term assets held for less than a year are taxed as ordinary income (10%-37%), while long-term holdings enjoy capital gains tax rates of 0%, 15%, or 20%. Tax obligations arise from selling, trading, or spending crypto, with mining and staking also qualifying as income for taxation. Accurate reporting is essential to avoid penalties and ensure compliance with IRS regulations.
US crypto investors must file their 2024 tax returns by April 15, 2025, ensuring all crypto transactions are accurately reported to the IRS.
The IRS treats cryptocurrencies as property and taxes gains realized from selling, trading, or disposing of them based on holding periods.
Short-term capital gains are taxed at 10%-37%, while long-term gains enjoy lower rates of 0%, 15%, or 20% depending on your income.
Understanding various aspects of tax filing is crucial for accurately filing taxes, avoiding penalties, and staying compliant with the IRS.
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