What are the best practices for reporting cryptocurrency earnings from Reddit on my tax return?

1 answers

• Nov 26, 2021 · 3 years ago
  When it comes to reporting cryptocurrency earnings from Reddit on your tax return, it's important to be diligent and accurate. Start by keeping a record of your earnings, including the dates and amounts. Determine the fair market value of the cryptocurrency at the time of receipt and report it as income on your tax return. If you received cryptocurrency as payment for goods or services, report the fair market value of the cryptocurrency as income. It's always a good idea to consult with a tax professional or use tax software to ensure compliance with tax laws. Remember, accurate reporting is key to avoiding any potential issues with the IRS.
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