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How Is Cryptocurrency Taxed? Here’s What You Need to Know

August 19, 2021

From the Kiplinger website

Cryptocurrency has headlined many news articles, served as the subject of social media posts, and gained significant traction in mainstream culture. Bitcoin, the first digital currency, has grown exponentially in recent years, with a total market capitalization growing from a modest $10 billion in July 2016 to over $1.1 trillion earlier this year.

If you’ve held on to your Bitcoin since then, you’ve obviously learned how to increase your net worth and now have a sizable unrealized capital gain in your portfolio. But what happens if you choose to convert this erstwhile investment into an actual currency used to buy goods and services?

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