Jenda FedurcoDec 30, 2021 · 3 years ago8 answers What is the impact of Illinois state capital gains tax on cryptocurrency investments?
How does the capital gains tax imposed by the state of Illinois affect investments in cryptocurrencies? Specifically, what are the implications for individuals who buy, sell, or trade cryptocurrencies in Illinois? How does the tax rate differ for short-term and long-term capital gains? Are there any exemptions or deductions available for cryptocurrency investors? What are the reporting requirements for cryptocurrency transactions in Illinois? How does the tax impact the profitability and overall viability of cryptocurrency investments in the state?