New crypto tax proposal make affect on your current crypto planning
Cryptocurrency taxes in the US could soon change, affecting how people use digital money. The government wants to make crypto rules more like those for regular money. This could change how you manage your digital assets.
Right now, if you sell crypto for less than you bought it and then quickly buy it back, you can claim a tax break. But new rules might stop this trick. If you buy the same crypto again too soon, you might not get the tax benefit. This could make it harder to make quick profits from trading crypto.
Another proposed change involves taxing the electricity used for mining crypto. This could make mining less profitable. Miners might need to adjust where they operate or how they set up their equipment to deal with the extra costs.
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