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PARAGRAPHPublished on January 23, Cryptocurrency tax rules can be confusing.

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The Crypto Bitcoin Tax Trap In 2024
Your reliable source for answers to all your crypto tax questions in Chicago. Helping you make all your crypto tax decisions at ease. GET IN TOUCH. The Internal Revenue Service (IRS) has determined that bitcoin and other alternative currencies are subject to capital gains taxes. In , the IRS began. The Department's guidance provides that Illinois conforms to the federal tax treatment of treating cryptocurrency as property. The new.

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The IRS believes staking is taxable and would give rise to ordinary income. Often referred to as the "death tax," the estate tax is levied on the total value of a deceased person's estate before the distribution to heirs. Schedule C: If you received coins from mining, you must indicate whether you received them for business or as a hobby. However, the costs incurred with mining could be deductible to offset any income received from the mining process.

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