How Is Cryptocurrency Taxed in the USA?

In the USA, cryptocurrency is treated as taxable property

It attracts both Capital Gains Tax and Income Tax

Additional taxes, such as VAT or corporation tax, may be applied, and compliance with international laws is necessary

Tax rates on crypto income and short-term capital gains reach up to 37% in the USA

Long-term capital gains range from 0% to 20%, except for NFTs categorized as collectibles, which may be taxed at 28%

In  USA, the amount of crypto tax depends on your earnings, the specific transaction, and the duration of crypto holdings

Short-term capital gains can be taxed at rates up to 37% in the USA

Long-term capital gains are subject to tax rates ranging from 0% to 20% in the USA

NFTs are subject to a higher tax rate of 28% on capital gains in the USA

In  USA, it's crucial to accurately calculate and report your crypto gains and income to ensure compliance with tax regulations