Taxation on cryptocurrency in USA

Posted 16 February, 2018

From 2018 the USA launched taxation on all cryptocurrency transactions. This means that two months left to submit tax declaration and investors may have a look at the taxation rules.

US internal revenue service considers digital currency as intangible property, so they are subject to taxation on capital market deals. As a result, investors have to pay taxes only in case of generating profit.

The next estimation criterion is a holding period. In particular, the holding period up to 1 year is considered as a short-term capital increase and such profit is subject to taxes like general income.

However, with the cryptocurrency holding period over 1 year, the investments become long-term and are subject to progressive taxation.

Taxpayers with the lowest profit do not need to pay income tax on capital market transactions. At the same time, the rest will pay taxes at 15-23.8%.

Thus, investors should keep a detailed record of all transactions, including dates and amounts.

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16 February, 2018 12:08

← US dollar falls down to 3-year bottom

On Friday, February 16, the US dollar decreased vs the majors and touched the bottom over 3 years due to fears about the current US economic policy. The positive influence of the recent reports was leveled down by concerns about increasing the budget deficit. The negative USD dynamics is related to an anticipated increase in US budget deficit to some $1 trillion in 2019 on expanded infrastructure project costs and reduced corporate taxes.

US dollar falls down to 3-year bottom

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15 February, 2018 15:48

US dollar slackens further →

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US dollar slackens further
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