{"id":51441,"date":"2022-04-20T12:26:21","date_gmt":"2022-04-20T10:26:21","guid":{"rendered":"https:\/\/captainaltcoin.com\/free-crypto-tax-calculators\/"},"modified":"2022-09-29T13:18:52","modified_gmt":"2022-09-29T11:18:52","slug":"free-crypto-tax-calculators","status":"publish","type":"post","link":"https:\/\/captainaltcoin.com\/de\/free-crypto-tax-calculators\/","title":{"rendered":"Free Crypto Tax Calculators – Calculate Your Bitcoin Taxes For FREE"},"content":{"rendered":"\n

As with every income in life, cryptocurrency income is also taxed in many nations. This is especially true when it comes to the USA.<\/a> The IRS is notified with every action within US jurisdiction and that means every American is liable for their crypto income<\/a> and taxing it. In 2014, the IRS decided that cryptocurrency is more like a stock rather than a dollar. This means that instead of getting taxed like someone who holds a currency that gains value, you are taxed as someone who holds a stock that gains value.<\/p>\n\n\n\n

The reason why crypto is seen as an asset instead of a currency is mainly due to the volume it has. With tens of billions of dollars traded each day, it is one of the biggest markets in the world for investors. This presents a gift for the IRS since even if you buy and sell within 10 minutes, you are due a tax if you made any income, same as buying and holding for years and then selling. The IRS could tax all those buy and sell moves done every single day and gain a lot more compared to a regular currency holding.<\/p>\n\n\n\n

Decentralization is at the core of Bitcoin, which sounds like you could try to avoid paying taxes. However, IRS checks with every single exchange that deals with Americans, this means they have the list for it as well. They even send letters of warning for every single person who fails to notify their crypto income. This means if you do not want to pay huge fines to IRS for failing to report your crypto income, you need to notify it correctly and pay accordingly. The alternative is hiding it, and if it is found out by the IRS then you would be taxed and fined multiples of that amount instead of just the tax itself.<\/p>\n\n\n\n

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What you'll learn \ud83d\udc49<\/p>\n