Will I need to pay taxes if I sell crypto?

The IRS has ruled that virtual currency is to be treated as property for Federal income tax purposes.

Each year, Vast Bank will provide you with a yearend cryptocurrency transaction summary document that will help you or your tax advisor to calculate your crypto tax liability. However, it is your sole responsibility to determine any tax impact of your cryptocurrency transactions that have been completed through use of the Vast Bank Crypto Banking app. Vast Bank does not provide tax or legal advice, and this document should not be relied upon as such. If you have questions about your specific tax situation you should consult a qualified tax professional.

Vast Bank does not provide tax or legal advice. Nothing within these FAQs or within the yearend cryptocurrency transaction statement should be considered tax advice.