Bitcoin and taxes: what to know if you traded cryptocurrency in 2021

The video explains how the IRS treats cryptocurrencies like Bitcoin and Ether as capital assets, similar to stocks or bonds. It covers the tax implications of buying, selling, and using crypto, emphasizing the need to report transactions on tax returns. The video also details how to calculate taxes based on the duration of ownership and the value change of the crypto. Additionally, it highlights the importance of keeping detailed records and understanding the IRS's increasing focus on crypto transactions.

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