What Are Cryptocurrency Taxes? Guide to Crypto Taxes

In this video we have discussed cryptocurrency taxes and there is the basic guide about crypto taxes. For more info please visit: trendsoncrypto.com/

This video is about an introduction to crypto taxes. And a basic guide towards the crypto taxes.
When is crypto being taxed?
How crypto taxes work?
Types of crypto taxes.
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Timestamps :
00:00 Introduction
00:47 When Is Cryptocurrency Taxed?
01:16 How Do Cryptocurrency Taxes Work?
02:29 Types of Cryptocurrency Tax Events
03:10 Cryptocurrency Tax Reporting
04:03 How Can I Avoid Paying Crypto Taxes?
04:20 Do I Have to Pay Taxes on Crypto If I Don't Sell It?
04:34 Final Thoughts

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Cryptocurrency also charges taxes. Most cryptocurrencies can be used as a medium of exchange, a store of value, a unit of account, and can be used in place of real money. This also implies that any earnings or revenue generated by your cryptocurrencies are taxable.
Cryptocurrencies are not taxable in and of themselves—you are not required to pay taxes for having one. For tax purposes, the IRS considers cryptocurrencies to be property Cryptocurrencies are not taxable in and of themselves—you are not required to pay taxes for having one. For tax purposes, the IRS considers cryptocurrencies to be property.
When is cryptocurrency taxed? Because the IRS considers cryptocurrencies to be assets, they trigger tax events whether used as payment or cashed in. When you realize a gain—that is, when you sell, swap, or utilize cryptocurrency that has gained in value—you must pay taxes on that gain.
How are taxes submitted? To submit your taxes correctly, you'll need to be more organized throughout the year than someone who doesn't have investments. For example, you must keep a record of each bitcoin transaction, including the amount spent and the market value at the moment it was utilized.

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DISCLAIMER: I am not a financial advisor nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am only sharing my opinion with no guarantee of gains or losses on investments.

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