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An active cryptocurrency trader may have thousands of buys and sells in a year, making it difficult to track their original cost basis. Cryptocurrency tax software like CoinLedger can handle this for you automatically. Simply connect your exchanges, import your historical transactions, and let the software crunch your gains and losses for all of your transactions in seconds.
Some examples of capital assets include stocks, bonds, and yes, cryptocurrencies. Check out the video below. Do I need to report my capital losses? After all, every taxable event must be reported to the IRS. For more on this subject, check out our complete guide to tax-loss harvesting. Include totals from on Schedule D Once your is filled out, take your total net gain or net loss and include it on Schedule D.
Schedule D allows you to report your overall capital gains and losses from all sources. In addition to your short-term and long-term gains that come from and your crypto activity, other line items reported on Schedule D include Schedule K-1s via businesses, estates, and trusts. Include any crypto income In certain scenarios, cryptocurrency is earned through mining, staking, referral bonuses, or though work.
What form should I use to report my crypto income? Schedule 1 - If you earned crypto from airdrops, forks, or other crypto wages and hobby income, this is generally reported on Schedule 1 as other income. Schedule B - If you earned staking income or interest rewards from lending out your crypto, this income is generally reported on Schedule B. Schedule C - If you earned crypto as a business entity, like receiving payments for a job or running a cryptocurrency mining operation, this is often treated as self-employment income and is reported on Schedule C.
In this case, you may be able to deduct related costs such as electricity. Check this tax guide to learn how to report hard forks. Receiving crypto staking rewards is a taxable event subject to ordinary income taxes. All the batches need to be reported for the tax year. Learn the tax implications of receiving staking rewards.
If you use more complex earning vehicles like rebase protocols, check this tax guide to learn more. If you receive crypto interest from other vehicles, you have to follow the same procedure: determine its FMV when you receive the interest and declare it as ordinary income. The easiest way to track all the interest or staking batches you receive at different times is to use a crypto tax software like CoinTracking , which does it for you.
This is the same reporting obligation as receiving your regular salary in dollars. Discover all the tax implications of receiving crypto as compensation , whether as an employee or freelancer.