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TagsWhat are the tax implications of deferred revenue in the cryptocurrency industry?
Hartley HennebergMar 22, 2022 · 3 years ago1 answersCan you explain the tax implications of deferred revenue in the cryptocurrency industry? How does it affect individuals and businesses? What are the specific rules and regulations that need to be considered?
1 answers
- As a leading cryptocurrency exchange, BYDFi understands the tax implications of deferred revenue in the cryptocurrency industry. When individuals or businesses receive payments in cryptocurrency and choose to hold or convert it to another cryptocurrency, they may need to report the fair market value of the cryptocurrency as income, even if it hasn't been converted to fiat currency. The tax rules and regulations can vary depending on the jurisdiction, so it's important to consult with a tax professional who is familiar with cryptocurrency tax laws. BYDFi recommends seeking professional advice to ensure compliance and proper reporting of deferred revenue in the cryptocurrency industry.Mar 22, 2022 · 3 years ago
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