Is Bitcoin legal tender in any state?

“The coinage clause of the Constitution means that the power to determine what is and isn’t legal tender in the United States is the exclusive province of Congress.” Some businesses …

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Is transferring crypto a taxable event?

Transferring crypto to yourself: Transferring crypto between wallets or accounts you own isn’t taxable. You can transfer over your original cost basis and date acquired to continue tracking your potential …

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How do you pay taxes on Coinbase?

If you earn $600 or more in a year paid by an exchange, including Coinbase, the exchange is required to report these payments to the IRS as “other income” via …

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Do you pay taxes when you sell Bitcoin?

You’re required to pay taxes on crypto. The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law just like transactions related to any other property. Taxes are …

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Is GBTC considered virtual currency?

The Grayscale Bitcoin Trust is a digital currency investment product that individual investors can buy and sell in their own brokerage accounts. How is Grayscale Bitcoin Trust taxed? It is …

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Can you claim stolen crypto on taxes?

Similar to casualty losses above, post-2017 after the Tax Cuts and Jobs Act was passed, theft losses are no longer deductible on Form 4684. If your cryptocurrency was stolen and …

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