How can I report stock sales made with cryptocurrency on my tax return?

3 answers

• Feb 17, 2022 · 3 years ago
  When reporting stock sales made with cryptocurrency on your tax return, you need to calculate the capital gains or losses from the sale. The IRS treats cryptocurrency as property, so the same rules for reporting stock sales apply. You should report the sales on Schedule D of your tax return, using Form 8949 to provide the details of each sale. Make sure to accurately calculate the cost basis and the fair market value of the cryptocurrency at the time of the sale. If you're unsure about how to report these sales, it's always a good idea to consult with a tax professional to ensure compliance with tax regulations.
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• Feb 17, 2022 · 3 years ago
  Reporting stock sales made with cryptocurrency on your tax return can be a bit tricky, but it's important to do it correctly to avoid any potential issues with the IRS. You'll need to calculate the capital gains or losses from the sale and report them on Schedule D of your tax return. Make sure to keep detailed records of the cryptocurrency transactions, including the date of acquisition, the date of sale, the cost basis, and the fair market value at the time of the sale. If you're unsure about how to report these sales, consider consulting with a tax professional who is familiar with cryptocurrency taxation.
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• Feb 17, 2022 · 3 years ago
  As a tax professional at BYDFi, I can tell you that reporting stock sales made with cryptocurrency on your tax return is similar to reporting traditional stock sales. You'll need to calculate the capital gains or losses from the sale and report them on Schedule D of your tax return. Make sure to keep accurate records of the cryptocurrency transactions, including the date of acquisition, the date of sale, the cost basis, and the fair market value at the time of the sale. If you're unsure about how to report these sales, it's always a good idea to consult with a tax professional who can guide you through the process.
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