Career Profile

And if you’ve done more than simply purchasing and selling crypto e.g., engaging in crypto-to-crypto transactions, receiving airdrops, these transactions will also have implications for your tax reporting. The taxation of crypto assets and cryptocurrency is complex and constantly evolving, creating a challenging landscape for investors, founders, and employees of crypto-focused companies. Knowing how much tax you will owe on crypto capital gains or other digital asset income can be complex to calculate without the right guidance. In this guide, we’ll cover everything you need to know about crypto taxes in the United States for 2024 and how to best minimize your tax liability, including: A33. Your holding period in virtual currency received as a gift includes the time that the virtual currency was held by the person from whom you received the gift. However, if you do not have documentation substantiating that person’s holding period, then your holding period begins the day after you receive the gift. For more information on holding periods, see Publication 544, Sales and Other Dispositions of Assets.