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Are there any tax implications for holding cryptocurrencies in a Merrill Edge SEP IRA?

avatarGenevieve HarrisonDec 25, 2021 · 3 years ago1 answers

What are the potential tax implications that one should consider when holding cryptocurrencies in a Merrill Edge SEP IRA account?

Are there any tax implications for holding cryptocurrencies in a Merrill Edge SEP IRA?

1 answers

  • avatarDec 25, 2021 · 3 years ago
    Yes, there are tax implications for holding cryptocurrencies in a Merrill Edge SEP IRA. The IRS treats cryptocurrencies as property, so any gains or losses from selling or exchanging cryptocurrencies in your IRA are subject to capital gains tax. It's important to note that the tax treatment of cryptocurrencies is still evolving, and there may be additional reporting requirements for IRA accounts. It's always a good idea to consult with a tax professional to ensure compliance with current tax laws and regulations.