As I’m organizing my tax documents, I’m uncertain about the specific records required for reporting my cryptocurrency activities. Could anyone with expertise clarify what detailed information I need to track and maintain? For example, should I be documenting the dates and exact amounts of each transaction, the types of cryptocurrencies involved, and their respective values at the time of purchase or sale, in line with IRS regulations?
Just a heads-up, don’t forget about keeping records of any fees or expenses related to your transactions!
Indeed, and if you’ve been staking or earning interest, those activities are taxable too. Keep meticulous records!
Absolutely, and remember, exchanges often provide reports, but they might not cover everything. Double-check against your own records.