If you bought one cryptocurrency for $500, and then traded it for $5,000, that’s a $4,500 capital gain that you’d have to report. Remember, capital gains are taxed at 50 per cent, so only $2,250 of your profits would be taxed.Even though there are apps and exchanges that track your cryptocurrency trades, they’re not always accurate. There is a chance that not all of your trades and transaction details may get logged.
If you purchased an NFT and then made a profit from its sale, it would fall under capital gains taxes. Just like cryptocurrency, only 50 per cent of your earnings would be taxed. Another way to reduce your tax burden is to donate some of your cryptocurrency to registered charities that accept crypto. The charity can then provide you with a receipt that you can use to reduce your taxable income.
Source: Digital Coin News (digitalcoinnews.net)
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