What documentation do I need to provide for claiming crypto losses on my taxes?

1 answers

• Shreevardhan BhosaleJul 19, 2024 · a year ago
  When it comes to claiming crypto losses on your taxes, it's essential to have the necessary documentation to support your claims. Start by gathering records of all your cryptocurrency transactions, including buy and sell orders, transfers, and any other relevant activities. Make sure to include the dates, amounts, and any fees associated with each transaction. This information can usually be found in your exchange or wallet account history. Additionally, keep track of any receipts or invoices related to your crypto investments. If you've used a tax professional or software to calculate your gains and losses, make sure to have a copy of the reports or calculations. It's also a good idea to keep any correspondence with tax authorities or relevant tax forms that you've submitted. By having these documents ready, you'll be well-prepared to claim your crypto losses on your taxes.
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