How is crypto taxed in the us

What is robinhood crypto fee

This article was originally published however, are treated as income most complicated. US Crypto Tax Guide When asset for another.

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Short-term crypto gains on purchases held for less than a year are subject to the same tax rates you pay on all other income: 10% to 37% for the. The amount included in income is the fair market value of the cryptocurrency when you received it. If you held a particular cryptocurrency for more than one year, you're eligible for tax-preferred, long-term capital gains, and the asset is taxed at 0%, 15%.

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Your gain or loss is the difference between the fair market value of the services you received and your adjusted basis in the virtual currency exchanged. What are the requirements for Specific Identification? How do I determine if my gain or loss is a short-term or long-term capital gain or loss?