This Free Guide breaks down everything you need to know about cryptocurrency taxes. While the content is written primarily for the US, most countries tend to follow a similar approach.
Up until 2019 most crypto traders were not aware that cryptocurrencies were taxed. Even fewer knew that crypto to crypto trades could result in taxes. And far less – if anyone – knew that things like airdrops and forks could make you liable for income tax.
If you haven’t declared your crypto taxes then you are not the only one!
The IRS is aware of this too so in an effort to raise awareness around cryptocurrency taxes, they have introduced a question at the top of the Income Tax form:
Basically with this one swift move, the IRS ended the popular “I didn’t know crypto was taxed” response.
Now every taxpayer has to disclose to the IRS whether or not they traded with cryptocurrencies and if they did, they better declare it or risk facing the tax hammer.
What Does This Free Crypto Guide Includes?
- Understand the tax implications of cryptocurrency.
- Organize all of your data.
- Calculate your gains and losses.
- Sum up your net gains and losses and transfer total to Schedule D.
- Include your crypto tax forms with your tax return.