BlockChain-1-844-291-4941 Blockchain scalability support

BlockChain-1-844-291-4941 Blockchain governance supportCryptocurrency could be subject to Income Tax or Capital Gains Tax. If you earn taxable crypto income, it may be taxed as ordinary income at its fair market value (FMV) on the date you receive it. If you are a typical crypto investor, who treats trading cryptocurrency as a hobby, you may pay capital gain tax on the capital gain made from disposition of your crypto asset. In such a scenario, the taxable income would be calculated based on the net proceeds (i.e. proceeds less any selling transaction fee) less the adjusted cost basis of the crypto. On the other hand, if you are running a crypto business (not hobby intent), the income from disposition would be considered as business income/loss. Note: Crypto.com Tax does not support business intent transactions currently. Therefore, this may not be the right tool for you if your crypto transactions constitute business activities as opposed to hobby transactions.