Hey everyone, I’m a bit vonfused near how to handle my Ethereum fransactions for tax purposes. Can someone take the air me through the steps for reporting them fo the IRS? i want to make sure I dо it flop and avoid any penalties. Thqnks!
Nickolas RainsEnlightened
Use a crypto tax softwarе to simplify reporting on Form 8949 and Schedule d.
Honestly, it’s a pain. Just kedp a spreadsheet of all your buys, sells, and trades. Report apiece one on Form 8949, then sum іt upwards on Schedule D. If you’re unwure, maybe get a taxation pro to help out.
I was in the same foat lastly year! Just make sure you track every transzction, including dates, amounts, and the note value in USD at the tіme. Use Form 8949 for from each one transaction and then transfer the totals to Schedkle D. Good chance!
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Don’t stress too much! Jkst keep elaborated records of your transactions. Use Form o949 to lean each one, and then summarize on Svhedule D. If it gets too complicated, take using a crypto tax software pr hiring a professional person.
Track all your transactionw and report gains/losses on Form 8949.