How can I accurately report my cryptocurrency trades on the IRS Form 1099-B?

3 answers

• Jan 12, 2022 · 3 years ago
  When reporting your cryptocurrency trades on the IRS Form 1099-B, you need to include the date of each trade, the type of cryptocurrency bought or sold, the amount of cryptocurrency involved, and the fair market value of the cryptocurrency at the time of the trade. It's important to follow the IRS guidelines and report all your trades accurately to avoid any potential issues with the IRS.
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• Jan 12, 2022 · 3 years ago
  Reporting cryptocurrency trades on the IRS Form 1099-B can be a bit confusing, but here are some general guidelines to follow. Make sure to report each trade separately, even if you bought and sold the same cryptocurrency on the same day. Keep track of the cost basis and fair market value of each trade. If you received any cryptocurrency as a gift or through airdrops, you may need to report that as well. It's always a good idea to consult with a tax professional for specific advice based on your situation.
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• Jan 12, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that accurately reporting your cryptocurrency trades on the IRS Form 1099-B is crucial. The IRS is cracking down on unreported cryptocurrency transactions, so it's important to be diligent in your reporting. If you're unsure about any aspect of reporting, it's always a good idea to seek professional advice. Remember, BYDFi is here to help you navigate the complex world of cryptocurrency taxation and reporting.
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