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Rachel Welch

27 October 2022 251 Read Crypto

How to Report Crypto on Taxes

If you've bought, sold, or deposited cryptocurrencies in the past year, you will have to report any capital gains or losses. This is accomplished on Form 8949. You will need to keep track of the value of your purchases and expenses to determine the cost basis and fair market value of your investments. In addition, you need to record the dates you purchased and spent your crypto, and total the gains and losses.

It can be difficult to keep track of your cryptocurrency transactions, including reloading it on a debit card and spending it on various items. While most taxpayers treat this asset as a cash alternative, it is important to record these transactions, including capital gains and losses, for tax reporting purposes.