From NASDAQ.: 2024-04-09 07:02:02

Trading and investing in cryptocurrency is like the Wild West, with volatile fluctuations and intangible assets. IRS now views cryptocurrency transactions like stock trades, taxes are owed on gains. Capital gains tax rates vary for short-term vs long-term holdings, buying goods with crypto is also taxable. Mined cryptocurrency is taxed as ordinary income, reporting all income is mandatory for tax year 2023. Form 1099-MISC must be issued by crypto exchanges if you earned $600 in income. Follow Form 8949 and Schedule D for reporting crypto transactions, consider consulting a tax advisor for specific guidance.

Read more at Nasdaq: Crypto Taxes in 2024: What You Need To Know