What are the reporting requirements for cryptocurrency transactions?
An example of an AI chatbot conversation about crypto reporting requirements.
What are the reporting requirements for cryptocurrency transactions?
In the U.S., cryptocurrency transactions must be reported on your tax return. You need to report gains and losses.
Do I need to report every transaction?
Yes, you should report every transaction that results in a gain or loss, including trades and sales.
What if I only used crypto for purchases?
Even if you used crypto for purchases, you must report any gains or losses from those transactions.
Are there any exceptions to these rules?
There are some exceptions, like small transactions under a certain threshold, but it's best to consult a tax professional.
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