Understanding the Tax Implications of Cryptocurrencies and NFTs
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When do you owe taxes on cryptocurrency? What really matters here is something called a taxable event. This is an event that the IRS views as you acquiring new income, and they will expect you to pay taxes on that income. The most common taxable event for investors comes from selling an asset. Anytime you sell a coin, token, or other assets for any reason you will owe taxes.