Crypto Currencies

[kathleenh]

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

[Anonymous_]

Florida does not levy a state individual income tax. 

[NancyDrew]

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 .