What are the tax implications of buying and selling GME stock using cryptocurrency?

1 answers

• Dec 27, 2021 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi is not able to provide tax advice. However, when it comes to buying and selling GME stock using cryptocurrency, it's important to understand the tax implications. The IRS treats cryptocurrency as property, so any gains or losses from these transactions are subject to capital gains tax. If you sell GME stock using cryptocurrency, you'll need to report the transaction and calculate your capital gains or losses based on the fair market value of the stock at the time of the transaction. It's always recommended to consult with a tax professional to ensure compliance with the reporting requirements and to optimize your tax strategy.
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