Did You Sell Your Crypto for USD? You'll Owe Taxes if You Sold Your Assets for More Than You Bought Them For

Keep Track of Your Cryptocurrency Transactions

The IRS considers cryptocurrency to be property, and as such, any gains you make from selling it are subject to capital gains tax. This means that if you sell your crypto for more than you bought it for, you'll owe taxes on the difference. The tax rate you'll pay will depend on how long you held the crypto before selling it. If you held it for less than a year, you'll pay short-term capital gains tax, which is taxed at your ordinary income tax rate. If you held it for more than a year, you'll pay long-term capital gains tax, which is taxed at a lower rate.

It's important to keep track of your cryptocurrency transactions so that you can accurately report your gains and losses to the IRS. You can use a spreadsheet or a cryptocurrency tracking tool to keep track of your transactions. You should also keep any records of your crypto purchases and sales, such as receipts or exchange statements.

Get the Latest on the Bitcoin to US-Dollar Exchange Rate

The Bitcoin to US-dollar exchange rate is constantly fluctuating. To get the latest news and information on the exchange rate, visit our Bitcoin to US-Dollar Exchange Rate page. You can also sign up for our email newsletter to receive updates on the latest news and trends in the cryptocurrency market.

**WEB Published Jun 21 2020 Updated Dec 6 2023**