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New Member
posted Oct 27, 2021 10:24:46 AM

Crypto Currencies

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

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2 Replies
Level 15
Oct 27, 2021 10:27:23 AM

Florida does not levy a state individual income tax. 

Expert Alumni
Oct 27, 2021 10:37:16 AM

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 .