What are the tax implications of buying and selling Shiba Inu in California?

1 answers

• Jan 08, 2022 · 3 years ago
  As an expert in the field, I can tell you that buying and selling Shiba Inu in California can have tax implications. In California, cryptocurrencies like Shiba Inu are treated as property, which means that any gains or losses from buying and selling would be subject to capital gains tax. The tax rate depends on how long you held the Shiba Inu before selling. If you held it for less than a year, it would be considered a short-term capital gain and taxed at your ordinary income tax rate. If you held it for more than a year, it would be a long-term capital gain and taxed at a lower rate. It's always a good idea to consult with a tax professional to ensure you're following the correct tax regulations in California.
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