What tax forms do I need to file if I earn income from cryptocurrency?

3 answers

• preetham varmaSep 15, 2020 · 5 years ago
  As a tax expert, I can help you with that. When it comes to reporting income from cryptocurrency, you will need to file Form 1040, Schedule 1, which is used to report additional income sources. Additionally, if you received any cryptocurrency as a result of mining or staking, you may also need to file Form 8949 to report capital gains or losses. It's important to keep detailed records of your cryptocurrency transactions and consult with a tax professional to ensure accurate reporting.
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• Saruê BoladoAug 10, 2021 · 4 years ago
  Hey there! If you've been making money from cryptocurrency, you'll need to fill out some tax forms. The main one you'll need is Form 1040, Schedule 1. This form is used to report additional income sources, including income from cryptocurrency. If you've been mining or staking cryptocurrency, you may also need to fill out Form 8949 to report any capital gains or losses. Make sure to keep track of all your transactions and consult with a tax professional if you're unsure about anything. Happy filing!
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• theCoderOct 22, 2021 · 4 years ago
  At BYDFi, we recommend that you consult with a tax professional to determine the specific tax forms you need to file if you earn income from cryptocurrency. However, in general, you will likely need to file Form 1040, Schedule 1 to report your cryptocurrency income. If you have any capital gains or losses from mining or staking cryptocurrency, you may also need to file Form 8949. Remember to keep accurate records of your transactions and seek professional advice for personalized guidance.
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