As more users globally trade digital assets and try to make their fortunes in the crypto market, governments worldwide also realize their potential from a tax perspective. In recent years, several countries have started announcing cryptocurrency taxes, considering them as capital assets and enforcing capital gains tax and similar mechanisms. That’s why we’ve sorted out everything you need to know about crypto tax here. In this guide you will know all taxable and untaxable events in 2023:
Check out more about cryptocurrency taxes in 2023 here.
In the United States, the Internal Revenue Service (IRS) considers all digital assets as capital assets in the US. As a result, you must report all income generated from trading cryptocurrencies to the IRS and pay tax on it.
Our latest blog post takes a deep dive into the entire process of crypto tax reporting, including classifying your income from cryptocurrencies as short-term capital gains or long-term capital gains, non-taxable events, and the different tax slabs. As the tax season is upon us, here’s how you can file a tax report for all your transactions on KUCOIN with ease.
How to do crypto tax report on KuCoin.
However, crypto taxes policies could be different based on your countries and regions. So this guide is only for informational purposes. We advise you to ask for an expert view on crypto tax in order to get a full picture of how to do a crypto tax report in your country.
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