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Don't forget to advertise crypto assets

Don't forget to advertise crypto assets

Anyone who made profits selling crypto assets in 2023 must declare the resulting capital gains to the IRS. The Tax Authority recently launched a guide on crypto assets – financial concept and taxation.

IRS Announcement: Don't forget to declare your crypto assets

Cryptoassets: IRS Annual Announcement Delivery, Appendix G

Cryptoassets “are digital representations of values ​​or rights that can be transferred and stored electronically. Although they can be used to make payments, as the value of crypto assets fluctuates greatly, they are mainly used as investment assets. Currently, the main cryptocurrencies traded on the market are: cryptocurrencies, non-fungible tokens (NFTs), and stablecoins.

Capital gains are gains obtained that, not considered business, professional, capital or real estate income, result from the costly sale of cryptoassets. Positive, non-taxable capital gains are taxed at a standalone rate of 28%, without prejudice to the taxpayer's ability to elect inclusion when filing the annual IRS declaration, Appendix G.

IRS Announcement: Don't forget to declare your crypto assets

Taxes on this income vary depending on the length of time it is held and whether it constitutes securities or not.

To help taxpayers, the IRS has launched the Crypto Assets – Financial Concept and Taxation Guide which you can download here.

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