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Mining & CapEx
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Coinbase, Cash App
All Exchange Imports
All Wallet Imports
All Import Types
If you have bought, sold, mined, been airdropped, or received cryptocurrency in exchange for work, then you might owe taxes on your crypto.
If you hold a cryptocurrency for one year or less, then it’s considered short-term and is taxed as regular income. Long-term capital gains tax is typically much lower.
Virtual currency is considered property, and is taxed as one. This means that capital gains tax, and other taxing principles are applicable for cryptocurrency.
Your cost basis is the amount you spend in order to obtain your crypto, including fees and other acquisition costs. This can be adjusted based on certain deductibles and expenditures.