Learn more about crypto with this collection
Understanding the basics of cryptocurrency
How to store cryptocurrency securely
Risks and benefits of investing in cryptocurrency
In many countries, cryptocurrencies are subject to tax.
A taxable event is a transaction or activity you're required to pay taxes on.
A taxable event will leave you with capital gains (profit) or capital losses.
Generally speaking, taxable events include:
If you've bought crypto, HODLed, and sold it later, your tax liability should be fairly easy to calculate. Let's look at a simplified, US-based example.
Here's the formula:
Imagine you bought 2 BTC for $10,000 and sold them two years later for $30,000. You've now made $40,000 in capital gains: $60,000 (fair market value) - $20,000 (cost basis) = $40,000 (capital gains)
In many countries, tax authorities require you to file your taxes regularly.
This can be the case even if you owe zero taxes or need a refund. Failure to file can result in fees, penalties, interest, confiscated refunds, audits.
Getting your taxes right is essential.
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