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Question

Are bitcoin profits taxable?


Answers (1)

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Arsalan Afzal
Feb 06, 2022 05:41:50

It depends on how you earn your bitcoins and what you do with them afterward. If you mine bitcoins, the profits are taxable. If you receive bitcoins as payment for goods or services, the profits are also taxable. However, if you hold onto your bitcoins and simply use them to purchase items or services, then the profits are not taxable. It's important to consult with a tax specialist to get a definitive answer on how bitcoin profits are taxed in your specific case.

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