What are the tax implications of rolling over a Charles Schwab account into a digital currency investment?
LennardDec 26, 2021 · 3 years ago1 answers
I am considering rolling over my Charles Schwab account into a digital currency investment. What are the tax implications of doing so?
1 answers
- Dec 26, 2021 · 3 years agoAs a third-party digital currency exchange, BYDFi does not provide tax advice. However, when rolling over a Charles Schwab account into a digital currency investment, it is important to consider the tax implications. The transfer of funds may trigger a taxable event, potentially subjecting you to capital gains tax. The tax treatment will depend on various factors, including the cost basis of the assets being transferred and their fair market value at the time of the transfer. It is recommended to consult with a tax professional who can provide personalized advice based on your specific circumstances.
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