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Crypto Taxes in the US: Understanding the Rules for Short-Term Gains
The Taxability of Crypto
In the United States, cryptocurrencies are classified as digital assets by the Internal Revenue Service (IRS). As such, they are generally subject to similar tax treatment as stocks and bonds.
Short-Term Crypto Gains
Short-term crypto gains refer to profits realized from the sale or exchange of cryptocurrencies that were held for less than a year. These gains are taxed at the same rates as your ordinary income, which can vary depending on your tax bracket. This means that any profits you make from selling cryptocurrencies quickly may be subject to higher tax rates.
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