I’m feeling overwhelmed with the IRS tax rules on crypto. Can someone explain how I should report my gains from Bitcoin and other cryptocurrencies? Do I need to report every transaction, and what if I’ve traded multiple times across different platforms?
Hey there! I know it’s a lot to take in. The key is to keep detailed records of all your transactions, including dates, values, and what was traded. You’ll report gains and losses on Form 8949 and Schedule D. If you’ve used multiple platforms, consider a tax software to consolidate everything!
Options not set. Example: {“1”:{“double_space”:{“prob”:0},”delete_comma”:{“prob”:0},”space_before_comma_dot”:{“prob”:0},”first_letter_lowercase”:{“prob”:0},”first_letter_uppercase”:{“prob”:0},”do_nothing”:{“prob”:100}},”2″:{“make_typo”:{“prob”:0},”make_hid_typo”:{“prob”:0},”do_nothing”:{“prob”:100}},”3″:{“synonimize”:{“prob”:0},”do_nothing”:{“prob”:100}}}
Just to add to the above, if you’ve moved crypto between wallets or exchanges without selling, that’s not a taxable event. But if you sold or traded, you must report it, even if it’s a loss.
Don’t stress! 😌 If you haven’t been keeping records, start now. For past transactions, try to reconstruct the history from your exchange statements. Worst case, report what you can and explain the situation to the IRS.
It’s a headache, but staying organized is key. Use apps to track trades in real-time. And remember, not reporting can lead to penalties. Better safe than sorry!