FAQ?
When You’ll Owe Taxes on Cryptocurrency
Because the IRS considers virtual currencies property, their taxable value is based on capital gains or losses — basically, how much value your hol...Read more
Reporting Crypto Income
Some people receive virtual currency as payment for services. This might mean receiving crypto as income instead of cash, earning Bitcoin by mining...Read more
Tracking Your Activity
One of the most important things to remember as you start dealing in cryptocurrency is that it’s your responsibility to keep track of all your pote...Read more
How to Prepare for Tax Season When You Have Crypto
The best thing you can do to simplify your crypto-related 2021 tax filing is start planning ahead now. Don’t wait until April 1, 2022, to begin gat...Read more
How do I pay taxes on crypto?
To fill out this form, provide the following information about your crypto trades:
- Name of the cryptocurrency
- Date you acquired it
- Date you sold, traded, or otherwise disposed of it
- Proceeds or sales price
- Cost basis
- Total gain or loss
What is the tax rate on crypto?
What’s Your Tax Rate For Crypto Capital Gains?
- Click here to subscribe to the Forbes CryptoAsset & Blockchain Advisor
- Accounting Method. The accounting method dictates which specific coin you are selling for tax purposes. ...
- Holding Period & Filing Status. ...
How to legally not pay taxes on cryptocurrency?
This can include:
- Trading Cryptocurrency: Buying and selling cryptocurrency can generate a capital gain or loss. ...
- Coin/Token Exchanges: Exchanging between cryptocurrencies. ...
- Selling Bitcoin for Fiat: When converting cryptocurrency back into fiat (USD or other sovereign currency) this is treated as a taxable event generating a capital gain/loss.
How to report cryptocurrency on your taxes in 5 steps?
These interactions will need to be reported on a separate part of your return:
- Receiving airdropped tokensresulting from a hard fork
- Staking or mining cryptocurrency
- Getting paid in crypto.