6 States Most Likely To Cut Into Your Gains
Taxes are an unfortunate reality for any American trading with a taxable brokerage account. Crypto gains are no different in the eyes of the Internal Revenue Service.
According to the IRS, crypto and other digital assets are treated as physical property for tax purposes, so transactions are taxable. That’s just for federal taxes, though. States vary widely in how they tax crypto gains.
Crypto is taxed like any other investment gains. If you hold crypto for under a year, you’re susceptible to short-term capital gains, which can be substantially more than long-term gains, depending on your particular tax situation. States that tax crypto gains tend to tax gains at the same rate as…
