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What Crypto Holders Will Need To Consider for Upcoming Tax Season

Cryptocurrency May 23, 2022 06:30AM ET
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What Crypto Holders Will Need To Consider for Upcoming Tax Season

  • Cryptocurrency holders and investors may need to rethink their approach to their taxes.
  • One thing to be aware of during tax season is when the tax year starts and ends.
  • According to Koinly’s Head of Tax, taxable moments are exchanging, selling, gifting, and spending crypto.

Tax time is edging closer, and for many, this will mean the age-old routine of gathering receipts and getting finances together in a scramble to get everything ready for accountants. However, cryptocurrency holders and investors may need to rethink their approach to their taxes.

This is mainly because crypto is now taxable in most parts of the world. According to Tony Dhanjal, the head of Tax at crypto tax accounting platform Koinly, there are four main “taxable” moments that everyone dabbling in crypto will encounter throughout their crypto investing journey. These taxable moments are exchanging, selling, gifting, and spending crypto.

Dhanjal went on to explain that “you’ll pay income tax when you’re seen to be earning an additional income throug ...

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What Crypto Holders Will Need To Consider for Upcoming Tax Season
 

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