A Beginner's Guide to Understanding Cryptocurrency Taxes
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Understand how different crypto transactions like buying, selling, exchanging, staking, and airdrops are taxed differently.
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Be aware of holding periods - short vs long term capital gains tax rates.
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Consider getting professional tax help to properly classify crypto transactions and minimize taxes.
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Stay transparent with the IRS and keep thorough records of all crypto activities.
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Stay up to date on latest crypto tax rules and cases to avoid penalties.