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You WILL have to pay taxes if you get a 1099 in the mail or sent to you via email from your exchange. Basically if you keep your crypto buys and sells under $600 total thru the year then you most likely won't get one and you'd fly under the radar.does anyone claim any of their crypto on taxes lol?
does anyone claim any of their crypto on taxes lol?
So you are going to then see people either liquidating now or simply hodling what they have and making no trades. So if you buy you will get taxed on that purchase too and the origin of funds for that purchase will be recorded.The new infrastructure law states all crypto will be tracked, meaning all platforms are going to turn in your trades. For instance, coinbase is asking every account holder to update trading objectives, how much do you trade? How often? Etc… And the deadline for this information is 8/20/2022 around the time when the law goes into effect. So effectively we will all be paying taxes on all crypto trades soon
So you are going to then see people either liquidating now or simply hodling what they have and making no trades.