Top Ways to Invest in Cryptocurrency Assets
Investing in cryptocurrency can be a great way to diversify your investment portfolio. Investors must consider the various ways they can participate in the cryptocurrency markets.
TurboTax 2022 Form 1040 – Cryptocurrency Gains and Losses
When U.S taxpayers realize gains and losses on cryptocurrency transactions, those amounts are reportable on Form 1040. This walkthrough shows how to enter cryptocurrency transactions in TurboTax.
IRS Crypto FAQ Updated on Form 1040
The IRS aggressively pursuing taxpayers who fail to disclose their cryptocurrency gains and losses on their income tax returns. The IRS website has recently updated their FAQ.
US Taxes for Crypto Miners
Taxpayers can make money by staking cryptocurrency and mining cryptocurrency. Crypto mining is generally treated as ordinary income and reportable for federal tax purposes.
Coinbase Stopped Using IRS Form 1099-K
The Coinbase cryptocurrency exchange was historically using the Form 1099-K to report gross proceeds from trading cryptocurrency. Coinbase has since discontinued using Form 1099-K and will now use the Form 1099-B.
Form 1040 Instructions – Did You Trade Any Cryptocurrency?
The Form 1040 has been updated to explicitly ask taxpayers whether they received or traded any cryptocurrency or other digital assets during the tax year.