How does Washington state tax short term capital gains from cryptocurrency?

3 answers

• Dec 25, 2021 · 3 years ago
  Sure! In Washington state, short term capital gains from cryptocurrency are subject to the state's general tax rates. The tax rates range from 0% to 9.9%, depending on your income level. It's important to note that Washington does not have a specific tax rate for cryptocurrency gains, so they are treated like any other short term capital gains. You'll need to report your gains on your state tax return and pay taxes accordingly.
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• Dec 25, 2021 · 3 years ago
  Washington state taxes short term capital gains from cryptocurrency based on your income level. The tax rates are progressive, meaning that higher income levels are subject to higher tax rates. The highest tax rate in Washington state is 9.9%. It's important to keep track of your cryptocurrency transactions and calculate your gains accurately to ensure compliance with the state's tax laws.
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• Dec 25, 2021 · 3 years ago
  When it comes to short term capital gains from cryptocurrency in Washington state, it's important to consult with a tax professional for personalized advice. They can help you navigate the complexities of cryptocurrency taxation and ensure that you comply with all relevant laws and regulations. If you're looking for a reliable tax professional, you can consider reaching out to BYDFi, a digital currency exchange that offers tax advisory services.
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