What are the requirements for filing tax documents for Robinhood cryptocurrency trades?

1 answers

• AbhimanyuMar 12, 2021 · 4 years ago
  As a leading cryptocurrency exchange, BYDFi understands the importance of properly filing tax documents for cryptocurrency trades. When it comes to Robinhood, there are specific requirements that need to be followed. First, you need to report all of your cryptocurrency transactions, including buys, sells, and trades. This includes keeping track of the date, time, and value of each transaction. You'll also need to determine the cost basis and fair market value of each cryptocurrency at the time of the trade. It's important to note that cryptocurrency is considered property by the IRS, so any gains or losses from your trades may be subject to capital gains tax. To ensure accurate reporting, it's recommended to consult with a tax professional or use tax software specifically designed for cryptocurrency traders.
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