What are the tax reporting requirements for cryptocurrency?
An example of an AI chatbot conversation about crypto tax reporting requirements.
What are the tax reporting requirements for cryptocurrency?
In the U.S., you must report cryptocurrency transactions on your tax return. This includes gains, losses, and income.
Do I need to report every transaction?
Yes, you need to report every transaction, including trades, sales, and even using crypto for purchases.
What forms do I need to fill out?
You'll typically use Form 8949 to report capital gains and losses, and Schedule D to summarize your overall gains.
Are there any exceptions to these rules?
Yes, small transactions under $200 may not need to be reported, but it's best to keep records of all transactions.
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