Tax Implications of Crypto: 5 Things You Should Know

If you’ve been making use of the discount prices of everything non-essential and bought cryptocurrencies, it's important to understand the tax implications you’re facing. Cryptocurrencies are not considered legal tender in the United States, so any gains or losses from their sale are treated as capital gains or losses. This means that you owe the IRS a report of any profits or losses and the taxes on them. But the 2022 reality is that now that DeFi and staking exists, cryptocurrencies may in fact be subject to capital gains tax, income tax, or GST. Keep reading for a list of tips. ...