What do I need to know about crypto taxation?
An example of an AI chatbot conversation about understanding cryptocurrency taxation.
What do I need to know about crypto taxation?
Crypto taxation can be complex. Are you looking for information on how to report gains or losses?
Yes, how do I report gains from selling cryptocurrency?
You need to report your gains on your tax return. This includes calculating the difference between your purchase price and selling price.
What if I traded one cryptocurrency for another?
That counts as a taxable event too. You must report the fair market value of the cryptocurrency you received at the time of the trade.
Are there any deductions I can claim?
Yes, you can deduct losses from your crypto investments, which can offset your gains.
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