How can I use a 1099-B notice to accurately report my cryptocurrency gains and losses?

1 answers

• Feb 18, 2022 · 3 years ago
  As an expert at BYDFi, I can tell you that using a 1099-B notice is crucial for accurately reporting your cryptocurrency gains and losses. The notice provides important details about your transactions, such as the proceeds from sales and the cost basis. To report your gains or losses, you'll need to calculate the difference between the proceeds and the cost basis for each transaction. It's important to include all relevant transactions, including trades, sales, and conversions. Keeping detailed records of your cryptocurrency transactions is also essential for accurate reporting. If you're unsure about how to use the 1099-B notice or need assistance with tax reporting, it's always a good idea to consult with a tax professional for guidance.
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