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kathleenh
Level 1
Oct 27, 2021 5:24 PM UTC
Question

Crypto Currencies

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

    2 replies

    Anonymous_
    Level 15
    Oct 27, 2021 5:27 PM UTC

    Florida does not levy a state individual income tax. 

    NancyDrew
    NancyDrew
    Level 2
    Oct 27, 2021 5:37 PM UTC

    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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