It’s officially tax season, and if you were among the many trading cryptocurrency this past year, it’s time report your activity on your 2021 tax return.
Not Saving More for Retirement Now May Cost You ‘Tens of Thousands' Later. Here's How to Get Started
For this to work, investors must know how much they bought their cryptocurrency for to begin with, known as their cost basis, so they can calculate the difference. This requires careful record keeping and can be difficult without the use of a reputable software tool that tracks your transactions for tax reporting. But if done correctly, it can create significant tax savings.
Wash sale rules prevent investors from immediately buying back the same stock after selling at a loss. Though policymakers proposed That's because long-term capital gains tax rates are usually more favorable than short-term rates, which are typically the same as regular income tax rates and range from 10% to 37%. Long-term rates, on the other hand, can be 0%, 15% or 20% depending on your taxable income.
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