The Crypto Tax Nightmare Facing New Traders
Featured In: Forbes | Written By: Robert Farrington | Featuring: Asher Rubinstein | Partner at Gallet Dreyer & Berkey, LLP
Everyone is talking about cryptocurrency these days, and it's easy to see why. After all, the value of Bitcoin (BTC) temporarily surpassed the $60,000 threshold earlier this year, and Ethereum (ETH) has quadrupled in value since the beginning of 2021. Of course, there are other cryptocurrencies currently making waves and helping at least some people rake in the cash, which continues creating hype among investors and everyone else.
But, there's one aspect of crypto investing that hardly anyone is talking about — the tax implications. This is partly because taxes are boring in general, but it's also because a lot of crypto investors have no idea what they're doing. And — for the record — the same problem is going to come into play this year regarding NFTs, or non-fungible tokens.