What are the tax implications of buying and selling Bitcoin?

Bitcoin tax obligations in the United States stem from the IRS classifying Bitcoin as property. Buying, selling, or exchanging Bitcoin can trigger capital gains or losses. Short-term gains (held less than one year) are taxed at ordinary income rates; long-term gains benefit from lower capital gains rates. Orange Standard provides transaction records to help you report your bitcoin tax liability accurately. Always consult a qualified tax professional for advice specific to your situation.