Zac McClure is the co-founder and CEO at TokenTax.
Meme coin seasons are known for frenzied market activity, driven by the meteoric rise of viral crypto projects that transform modest investments into fortunes overnight. The world knows dogecoinis the original meme coin, but a gang of newcomers has stormed the 2024 meme season. There’s a puppy wif a hat {{WIF}}, a smirking frog
While most meme millionaires won’t face such an extreme scenario, there are tax considerations to remember during meme season and after the party stops. It'sU.S. taxpayers don’t need to sell crypto for USD to create tax consequences. Crypto-for-crypto trades trigger taxable events, and not knowing or ignoring this can lead to bad outcomes. It's tempting to invest meme profits into another crypto without parking your future tax bill in stablecoins or cash.
Short-term capital gains from crypto held for less than a year are subject to income tax rates ranging from 10%-37%, depending on tax bracket and income.Crypto received from staking is taxed as ordinary income upon receipt and then again as capital gains on later profits.. Tax consequences will vary for taxpayers from state to state and internationally, and we suggest consulting with a crypto tax professional and your local authorities for guidance.
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