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The IRS treats cryptocurrencies or virtual currencies as ‘Property.’ Generally, there are two potential taxes on crypto:
Crypto is taxed as an asset so it is difficult to avoid paying taxes for it. However, there are some ways through which you can avoid paying taxes on your cryptocurrency:
By using FlyFin’s crypto calculator, you can seek help from the CPAs who can help you figure out more ways to avoid paying taxes on crypto.
The following table represents the short-term capital gains crypto tax rate for 2022:
The following table represents the long-term capital gains crypto tax rate for 2022:
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