Do I need to report my losses from cryptocurrency trading?

3 answers

• Nov 23, 2021 · 3 years ago
  Yes, you are generally required to report your losses from cryptocurrency trading for tax purposes. Cryptocurrency is treated as property by the IRS, and any gains or losses from its sale or exchange are subject to taxation. You should consult with a tax professional to determine the specific reporting requirements and how to properly calculate and report your losses.
  370185
• Nov 23, 2021 · 3 years ago
  Absolutely! Just like any other investment, losses from cryptocurrency trading should be reported for tax purposes. The IRS considers cryptocurrency as property, and any gains or losses need to be reported on your tax return. Make sure to keep accurate records of your transactions and consult with a tax advisor to ensure you are properly reporting your losses.
  362121
• Nov 23, 2021 · 3 years ago
  Yes, you do need to report your losses from cryptocurrency trading. The IRS treats cryptocurrency as property, and any gains or losses are subject to taxation. It's important to keep track of your transactions and consult with a tax professional to ensure you are reporting your losses correctly. Remember, accurate reporting is crucial to avoid any potential penalties or audits.
  38095