Do I need to report my Robinhood cryptocurrency losses on my 2024 tax documents, and if so, how?

1 answers

• Dec 19, 2021 · 3 years ago
  Yes, you need to report your Robinhood cryptocurrency losses on your 2024 tax documents. The IRS requires individuals to report any gains or losses from cryptocurrency trading. Cryptocurrencies are treated as property, and losses from their trading are considered capital losses. To report your losses, you will need to fill out Form 8949 and Schedule D. On Form 8949, you will list each cryptocurrency transaction separately, including the date of acquisition, date of sale, cost basis, proceeds, and resulting loss. The total loss amount will then be transferred to Schedule D, where it will be used to calculate your overall capital gains and losses for the year. It's important to consult with a tax professional or use tax software to ensure accurate reporting of your cryptocurrency losses.
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