Tag: Crypto Tax: DeFi

Cryptocurrency has exploded in popularity, bringing with it a wave of new investors and traders. But with this exciting new world comes a crucial responsibility: understanding and navigating cryptocurrency taxes. Failing to properly report your crypto activities can lead to penalties, interest, and even legal issues. This guide will provide a comprehensive overview of crypto taxes, helping you understand your obligations and stay compliant. Understanding Cryptocurrency and Taxes Cryptocurrency is treated as property by the IRS, not as currency. This means that general tax principles applicable to property transactions apply to transactions involving cryptocurrency. It's essential to understand this fundamental concept to grasp how crypto is taxed. What is Taxable in the Crypto World? Not a...