Are there any tax implications when closing a Chase account and investing in cryptocurrencies?

1 answers

• Dec 27, 2021 · 3 years ago
  When closing a Chase account and investing in cryptocurrencies, it's important to consider the potential tax implications. Any gains from the sale of cryptocurrencies may be subject to capital gains tax. The tax rate will depend on how long you held the cryptocurrencies before selling. If you held them for less than a year, the gains will be taxed at your ordinary income tax rate. If you held them for more than a year, the gains will be taxed at a lower rate. It's advisable to consult with a tax professional to ensure compliance with tax laws and accurately report your transactions.
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