What are the best practices to fill out schedule D for reporting cryptocurrency gains and losses?

1 answers

• Payne MarshallSep 30, 2021 · 4 years ago
  At BYDFi, we recommend following these best practices when filling out schedule D for reporting cryptocurrency gains and losses. First, ensure that you have accurate records of all your cryptocurrency transactions, including the date, type of cryptocurrency, and the amount bought or sold. Calculate the gain or loss for each transaction by subtracting the cost basis from the sale proceeds. Keep in mind that you may have both short-term and long-term gains and losses, so be sure to report them separately. If you're unsure about how to report your cryptocurrency gains and losses, consider consulting with a tax professional or using cryptocurrency tax software. Remember, accurate reporting is essential to ensure compliance with tax regulations.
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