How to Accurately Report Taxes on Crypto cover

Adekunle Joshua

Crypto investments can be a lucrative venture, but it's important to remember that tax reporting requirements apply

Here's how to accurately report taxes on crypto

Document Every Transaction: Keep detailed records of crypto transactions, including purchases, sales, trades, and more.

Determine Your Taxable Events: Know which crypto activities are taxable, like converting to fiat, trading between cryptos, or making purchases

Calculate Gains and Losses: For each taxable event, calculate the gain/loss. Compare fair market value to the cost basis

Report Crypto Activity on Tax Return: Include all relevant transactions on forms like Schedule D and Form 8949

Seek Professional Guidance if Needed: Consult a tax professional for complex situations. Their expertise ensures accuracy.