Ollie Leech has published in coindesk.com the US Crypto Tax Guide 2022.
Highlights:
He explains how the tax payable can be either a capital gain tax or income tax depending on your activity.
The following activities will trigger capital gain tax:
"Selling cryptocurrency for fiat (U.S. dollar, Japanese yen, etc.).
Sending cryptocurrency as a gift (anything over $15,000 for the 2021 tax year).
Purchasing goods and services with cryptocurrency, even small purchases like buying a coffee.
Trading or swapping one digital asset for another. This includes purchasing NFTs using cryptocurrencies."
And the following activities will trigger income tax:
"Receiving cryptocurrency from an airdrop.
Any crypto interest earnings from DeFi lending.
Crypto mining income from block rewards and transaction fees.
Crypto earned from liquidity pools and interest-bearing accounts.
Receiving cryptocurrency as a means of payment for carrying out work, including bug bounties."
Source credit and full story - https://www.coindesk.com/learn/us-crypto-tax-guide-2022/
All in all, Leech has done a nice job of explaining US Crypto tax in layman language including how and when your crypto trading activities are taxed including how to calculate your tax, when to report, what forms to be filled out and when to pay.
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