Are there any exemptions or special rules for US crypto tax laws?

1 answers

• Dec 25, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that there are exemptions and special rules for US crypto tax laws. One important exemption is the 'hard fork' exemption, which states that if you receive new cryptocurrency as a result of a hard fork, you don't need to report it as income until you sell or exchange it. Another special rule is the 'crypto-to-crypto' exemption, which allows you to defer taxes on cryptocurrency trades if you don't convert them back to fiat currency. However, it's crucial to keep detailed records of your transactions and consult with a tax professional to ensure compliance with the IRS guidelines.
  628314