Comment
Author: Admin | 2025-04-28
Would be a capital loss. You won't pay Capital Gains Tax on Bitcoin capital losses - but you do want to keep track of them (more on this in a minute).There isn't a specific Bitcoin tax rate - though that would make things simpler! Instead, your Bitcoin will be taxed under the Capital Gains Tax rate you fall into.This will vary depending on where you live, what you earn, and how long you've held the asset for. Most countries have a long-term and short-term Capital Gains Tax rate. Short-term capital gains are often taxed at the same rate as your income. Meanwhile, long-term capital gains are generally taxed at a much lower rate. Long-term gains apply when you've held Bitcoin for more than a year.Of course, each country has different Income Tax rates and Capital Gains Tax rates. Skip ahead to see the breakdown of your country's Income and Capital Gains Tax rates, but in short:US Bitcoin Gains Tax Rate: Short-term Bitcoin gains are taxed at the Federal Income Tax rate - between 10% to 37%. Long-term Bitcoin gains are taxed between 0% to 20%.UK Bitcoin Gains Tax Rate: Short and long-term Bitcoin gains are taxed at the same rate between 18% to 24% over the tax free allowance.Australia Bitcoin Gains Tax Rate: Short-term Bitcoin gains are taxed at your Income Tax rate. Long-term Bitcoin gains receive a 50% discount.Canada Bitcoin Gains Tax Rate: Short and long-term Bitcoin gains are taxed at your Income Tax rate. However, only half your Bitcoin gain is subject to tax.The more you earn in regular income - the higher the Capital Gains Tax rate you'll pay on your Bitcoin. Now... about those losses.Don't panic, as we said above, you won't pay tax on Bitcoin losses. So if you've sold, swapped, spent, or gifted your
Add Comment