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How Do I Report My Gains On Cryptocurrency Trades?

Cryptocurrency Reporting Gains
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Sean Fogarty
Taxpayers who buy and sell cryptocurrencies need to declare the capital gains and losses in the same manner that you would record a sale of shares on the stock exchange. Keep track of the purchase date and amount (cost basis) and the sale date and amount (sale proceeds). If you owned your Bitcoin for over 1 year, then it would be classified as a long term capital gain and subject to long term capital gain income tax law. If under 1 year then it would be short term. The general tax principles applicable to property transactions apply to virtual currency.
Have a question about cryptocurrency trades? Contact Sean Fogarty.
Sean Fogarty CIA EA
Fogarty Enterprises LLC
Leave a Comment 3 weeks ago

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