Sentences with phrase «on cryptocurrency investment income»
In light of the incredible increase in the value of cryptocurrencies, the tax authorities around the world have now woken up to the fact that they can be collecting capital gains tax on cryptocurrency investment income.
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Like other capital assets, if your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns up to $ 3,000.
During an event on Tuesday this week, Sushil Chandra, chairman of India's Central Board of Direct Tax (CBDT) confirmed that around 100,000 notices have been sent to residents who have not included their cryptocurrency investment on income tax returns.
If your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns up to $ 3,000.
While the exact rate at which your cryptocurrency investments are taxed vary based on criteria like how much other income you've made that year and how long you held the asset, the sale of a virtual currency is the event that triggers IRS oversight.