IRS Tax Rates For Cryptocurrencies
Introduction1. How To File Crypto Taxes?2. Tax On Cryptocurrencies Based On The Nature Of The Operation3. Cryptocurrency Tax Laws And Tax Rates In4. IRS Tax Rates For Cryptocurrencies5. How Do Crypto Tax Platforms Work?6. How To Review Crypto Tax Report With Accountants?7. How To Deal With Overly Complex Crypto Taxes?8. How To Calculate Crypto Taxes Taxation Methods?9. Using Taxact To Report Crypto Taxes10. Amending Past Tax Returns On Crypto Taxes11. Crypto Mining And Staking Taxes12. Crypto Margin Trading And Fees13. Do You Have More Questions?
Chapter 4
2020 IRS Tax Rates For Cryptocurrencies
Like any other property, the tax rate on cryptocurrencies depends on the holding period, as mentioned earlier. For holding periods equal to or under a year, this tax rate and calculation are the same as ordinary income, and the tax rates are summarized in the table below.
Table 1. Short Term Holdings Tax Brackets (<1 year)
If the cryptocurrency is held for more than one year, then it is termed as long-term capital gains tax, and the applicable tax rate follows:
Table 2. Long Terms Holdings Tax Brackets (>1 year)
