How can I accurately fill out IRS Form 8949 for my cryptocurrency trades?

1 answers

• Dec 26, 2021 · 3 years ago
  When it comes to accurately filling out IRS Form 8949 for your cryptocurrency trades, it's important to pay attention to the details. Firstly, make sure to report each individual transaction separately, including the date, type of cryptocurrency, amount bought or sold, and the cost basis. The cost basis is the original value of the cryptocurrency at the time of the transaction, and it's crucial to calculate it correctly to accurately report your gains or losses. Additionally, be sure to report any gains or losses from these transactions, which will be calculated based on the difference between the cost basis and the sale price. If you're unsure about any aspect of filling out the form, consider seeking guidance from a tax professional who specializes in cryptocurrency taxation to ensure you're meeting all the necessary requirements.
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