What are the tax implications for cryptocurrency transactions on form 1120?

1 answers

• Dec 28, 2021 · 3 years ago
  Tax implications for cryptocurrency transactions on form 1120 can be complex. The IRS treats cryptocurrency as property, so any gains or losses from its sale or exchange are subject to capital gains tax. Corporations must report their cryptocurrency transactions on form 1120 and include any gains or losses on Schedule D. It's important to keep detailed records of cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws and accurate reporting on form 1120.
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