Are you a frequent cryptocurrency user? David Mayer, National Director of Engineered Tax Services, joined Bold Business to explain how cryptocurrency is taxed!
“The U.S. Government considers cryptocurrency to be property, not [any type of] a monetary item or typical currency,” Mayer said. He added that every time you exchange any cryptocurrency for U.S. dollars, it can be considered a taxable event. The amount of taxes deducted from your digital coin, not only depends on the long or short-term capital gain, but on your income bracket.
Watch above or on our Facebook page.
Editor’s Note: Engineered Tax Services is a Bold sponsor.
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•Lead Producer, Bold Business