Crypto Currencies

kathleenh — Wed, 27 Oct 2021 17:24:46 GMT

How are earnings on crypto currencies taxed in the state of Florida?

Re: Crypto Currencies

Anonymous_ — Wed, 27 Oct 2021 17:27:23 GMT

Florida does not levy a state individual income tax.

Re: Crypto Currencies

NancyDrew — Wed, 27 Oct 2021 17:37:16 GMT

There is no personal Florida income tax, so there would be no tax implications for cryptocurrency transactions i Florida.

People often refer to cryptocurrency as virtual currency, but the IRS does not consider it to be a true currency. As the IRS considers cryptocurrency to be property, capital gains and losses on for cryptocurrency sales are reported on a Schedule D. Further, cryptocurrency mining is considered ordinary income by the IRS.

Here is a link to a great TurboTax resource with more detailed information on how cryptocurrency is taxed: Your Cryptocurrency Tax Guide .

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Crypto Currencies

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