How to file your income taxes on cryptocurrency

How are cryptocurrencies taxed?

Tax laws vary around the world. Please familiarize yourself with the tax rules that apply to you based on your country/jurisdiction.

Most countries consider cryptocurrencies to be capital assets. Therefore if the asset appreciates in value and you sell/trade/use it for profit, the gains are taxed like capital gains. If the asset depreciates in value and you sell/trade/use it at a loss, you may be able to deduct the losses against other capital gains to reduce your taxes.

The amount of tax depends on how much capital gain/loss there has been on the asset, how long you have held the asset, and the specific regulations in your country/jurisdiction. Because each taxable event may create a capital gain, you need to know the date, cost basis, sale value, and any fees associated with each transaction.

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Do I need to pay tax on my cryptocurrency?

If you traded, sold, or used any of your cryptocurrency to purchase something, then you may need to pay tax on these assets. If you were gifted or given cryptocurrency as payment, salary, or as a gift/donation, then this income should be reported just like any other income you receive.

If you are just buying cryptocurrency with your own money and storing it (no selling/trading/using it), then you likely do not need to pay tax on it. #HODL

How can I figure out my crypto taxes?

CoinTracker offers a few different methods to help you figure out your U.S. crypto taxes. Additionally, if you are in the United States, you can refer to the IRS’s guidance on cryptocurrency taxes. Beyond that, you should consult your tax professional to understand how much tax you owe.

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Cryptocurrency prices in BCH, XRP, and LTC – CoinMarketCap

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Popular price tracker CoinMarketCap has added the option to show cryptocurrency prices in three additional digital currencies: Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

This means that users will now have the option to view the value of all other coins based on the rate of one of these three currencies. The feature will come in handy to users who primarily focus on trading in the same currency – especially when it comes to keeping track of profits and losses.

Cryptocurrency prices CoinMarketCap

Cryptocurrency Facts

Litecoin is based on an open source global payment network that is not controlled by any central authority

Monero is also open-sourced and promises a special technique called “ring signatures” that promises that all transactions are completely untraceable

Cardano claims to be the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach

*Zcash promises strong privacy protections, with the sender, recipient, and value of the deal all hidden on the blockchain ledger

Dash promises instant transactions, where payments are confirmed in less than a second