Crypto Taxes | Taxes on Cryptocurrency for Bitcoin and Altcoins
Here are links for sites that will convert your crypto trades to IRS Format or integrate with your tax software:
Welcome to our video about crypto taxes. We’ll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes and crypto. If you have been using Coinbase and have been dealing with bitcoin or any other cryptos, then this video will help you with your btc reporting requirements for your cryptocurrency transactions on your tax return.
Your brokerage, such as Robinhood, may provide a 1099-B where the cryptocurrency tax information is very nicely presented to you. However, if the brokerage you utilize is no US tax reporting friendly, then you will be best off with a crypto tax software to help you prepare the crypto tax form or the necessary forms required.
We hope this video aids you in bitcoin tax and coinbase taxes and also with your crypto tax rate. You need to know and understand the difference between long-term capital gains tax rates and short-term capital gains tax rates. This is very important to knowing how is crypto taxed.
And a lot of people ask do you pay taxes on crypto. It depends if you have a taxable event. For example, if you trade ripple for ethereum, yes, that’s a taxable event. That is something you need to input into TurboTax or H&R Block tax software or TaxAct. Turbotax cryptocurrency reporting will require you to populate the Schedule D. Well, that’s really Turbotax crypto or all major crypto tax software brands for crypto tax reporting purposes.
We hope this helps with your question about bitcoin tax and about crypto taxes explained in general.
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ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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