While federal income tax on Bitcoin sale is straightforward, I can not find a definitive information on its taxation in Missouri.
I pretended to amend my last year return and according to the tax software, there is $492 Missouri tax on a hypothetical $10,000 long-term gain.
The only primary source on crypto tax in MO which I have located is Regulations of the Missouri Department of Revenue. The regulation regarding corporate taxpayer’s income where that taxpayer is taxable in another state states: 3. Receipts from the sale or exchange of currency, including foreign currencies or cryptocurrencies, are excluded from the definition of “receipts” used in section 143.455.3.(6), RSMo. https://www.sos.mo.gov/cmsimages/adrule ... 2c10-2.pdf
Information from various websites is contradictory, ranging from "nontaxable intangible property" in Missouri to a specific tax rate.
Yes, I could ask CPA but she will probably plug in numbers into a tax software just like I did. Is it possible that a tax software is mistaking? I realize that my understanding of taxation is rudimentary, but shouldn't Missouri statutes, DOR Regulations or other official source specify state cryptocurrency tax, if such exists?
Please, help me.![:sharebeer]( "celebrate")
I pretended to amend my last year return and according to the tax software, there is $492 Missouri tax on a hypothetical $10,000 long-term gain.
The only primary source on crypto tax in MO which I have located is Regulations of the Missouri Department of Revenue. The regulation regarding corporate taxpayer’s income where that taxpayer is taxable in another state states: 3. Receipts from the sale or exchange of currency, including foreign currencies or cryptocurrencies, are excluded from the definition of “receipts” used in section 143.455.3.(6), RSMo. https://www.sos.mo.gov/cmsimages/adrule ... 2c10-2.pdf
Information from various websites is contradictory, ranging from "nontaxable intangible property" in Missouri to a specific tax rate.
Yes, I could ask CPA but she will probably plug in numbers into a tax software just like I did. Is it possible that a tax software is mistaking? I realize that my understanding of taxation is rudimentary, but shouldn't Missouri statutes, DOR Regulations or other official source specify state cryptocurrency tax, if such exists?
Please, help me.
Statistics: Posted by SU-1977 — Fri Aug 09, 2024 7:00 pm — Replies 7 — Views 515