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What information do I need to include in my tax return to meet the IRS requirements for reporting cryptocurrency income?

avatarSteve MatthewDec 25, 2021 · 3 years ago1 answers

I am not sure what information I need to include in my tax return to meet the IRS requirements for reporting cryptocurrency income. Can you provide some guidance on this?

What information do I need to include in my tax return to meet the IRS requirements for reporting cryptocurrency income?
Cryptocurrency
Tax Return
IRS Requirements

1 answers

  • avatarDec 25, 2021 · 3 years ago
    To meet the IRS requirements for reporting cryptocurrency income on your tax return, you should include the following information: 1. The total amount of cryptocurrency income you received. 2. The cost basis of the cryptocurrency you sold or exchanged. 3. The date and time of each cryptocurrency transaction. 4. Any fees or commissions paid for cryptocurrency transactions. 5. Any capital gains or losses from cryptocurrency sales or exchanges. 6. Any cryptocurrency received as a gift or donation. 7. Any cryptocurrency mining income. Keeping detailed records of your cryptocurrency transactions and seeking advice from a tax professional can help ensure that you meet the IRS requirements for reporting cryptocurrency income on your tax return.

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