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Tax implications of owning and trading cryptoassets from "summary" of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske,Jack Tatar
The tax implications of owning and trading cryptoassets are an important consideration for investors in this space. As with any investment, the profits made from owning and trading cryptoassets are subject to taxation. However, the unique characteristics of cryptoassets can make it challenging to navigate the tax landscape. One key aspect of the tax implications of owning and trading cryptoassets is the classification of these assets for tax purposes. In many jurisdictions, cryptoassets are considered property rather than currency, which can have significant implications for how they are taxed. For example, in the United States, cryptoassets are treated as property by the IRS, which means that capital gains tax rules apply to profits made from trading these assets. Another important consideration when it comes to...
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