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What are the tax rules for earning cryptocurrency through Gemini's platform?

avatarBartek WlodarczykDec 24, 2021 · 3 years ago1 answers

Can you explain the tax rules that apply to earning cryptocurrency through Gemini's platform? I want to make sure I understand the tax implications before I start earning cryptocurrency on Gemini.

What are the tax rules for earning cryptocurrency through Gemini's platform?

1 answers

  • avatarDec 24, 2021 · 3 years ago
    When it comes to earning cryptocurrency through Gemini's platform, it's important to understand the tax rules. The IRS treats cryptocurrency earnings as taxable income, so you'll need to report it on your tax return. The value of the cryptocurrency you earn will be subject to income tax, and you'll need to keep track of its fair market value at the time you receive it. If you hold the cryptocurrency for more than a year before selling or exchanging it, you may qualify for long-term capital gains tax rates. It's a good idea to consult with a tax professional to ensure you're complying with the tax rules and reporting your earnings correctly.