The Democratic presidential candidate further reaffirmed their position from May, advocating for the protection of individuals' rights to self-custody Bitcoin, operate blockchain nodes from their residences, and implement energy regulations that remain unbiased towards the industry.
Next week, new regulations are expected to be finalized that would mandate crypto companies, including those located outside the EU or dealing in non-fungible tokens, to register with tax authorities.
Officials are confident that next week, finance ministers will reach a formal agreement on legislation that permits the exchange of data regarding crypto and NFT assets among tax authorities.
Crypto Mining Taxes. The formula for calculating your gains and losses is: Sale Price - Cost Basis = Capital Gains/Loss. The value of the coin at the moment it was mined is your cost basis (the amount included as ordinary income). To calculate your capital gain or loss, you have to subtract this amount from the price you sold the mined coins for.
You're required to pay taxes on crypto. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law just like transactions related to any other property. Taxes are due when you sell, trade, or dispose of cryptocurrency in any way and recognize a gain.
Several tax forms include:
9 ways to avoid paying taxes on crypto gains legally are listed and well explained ✍ in this video with the use of animation.
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