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Brian Connor

How to report Crypto taxes?

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Hi, thanks for inquiring! 

At first, many traders and miners of cryptocurrencies thought that crypto is not taxed, which led to many inconveniences and confusing situations. There are important steps to follow when completing this procedure.

The first one is to calculate your gains and losses, this is done by calculating all the bills and payments that you have incurred from the mining process and subtract them from the profits that you have made.

Secondly, you need to find the correct form for reporting your cryptocurrency gains. In the US this form is provided by the IRS, and it’s labeled 8949. There are platforms that automatically track your cryptocurrency transaction history and can fill out the form automatically according to these.

If you are unsure how to do this correctly or the process is too confusing for you, there are always individuals, companies, and platforms that can do this for you for a certain fee.
 

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