In the dynamic realm of cryptocurrency, understanding the implications of Bitcoin’s ongoing fluctuations, especially in relation to the USD, is critical. This knowledge is not just beneficial for investment strategies but is equally significant when it comes to handling your crypto taxes.nnSince cryptocurrency like Bitcoin is considered property by the IRS, any change in its valuation will influence your tax liability. Hence, tracking Bitcoin’s value in USD is vital. For instance, if you purchased Bitcoin at a particular USD value and later sold it at a higher USD value, you are liable to pay capital gains tax on the profit. Tracking the Bitcoin price also determines whether your capital gain or loss is short or long term, each having different tax rates.nnTherefore, staying up-to-date with the USD value of Bitcoin allows you to plan and take effective tax-saving steps. Read More
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