Teresa converted $10,000 into Bitcoin in November of 2021. In July 2023, she noted the...
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Accounting
Teresa converted $ into Bitcoin in November of In July she noted the value had increased substantially. On July at : am she sold all of her holdings for $ and used all of it to purchase a new car.
How will Teresa report this on her tax return?
As a shortterm capital gain of $
As a longterm capital gain of $
As $ of ordinary income.
As a capital gain or loss, but only after she sells the car.
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