Cindy4
Employee Tax Expert

Get your taxes done using TurboTax

Hi @Dibbadabba !

 

Capital gains and losses are reported if you sell, trade, or use crypto to make purchases.  All of your capital gains and losses will be netted together, and any unused capital loss can be used to offset your ordinary income up to $3,000, and then carryover to the next year.  Gain will be taxed at the current years capital gain rates.

 

Ordinary income is reported if you mine, stake, or receive airdrops.

 

Tax forms, such as 1099-B, may or may not be issued by your crypto exchange or wallet.  It is your responsibility to track the cost basis and any transactions that occur on your crypto.  Most wallets and exchanges offer csv file downloads to accommodate this.

 

Here is a great resource for all things crypto:

https://ttlc.intuit.com/community/articles/community-news-announcements/crypto-investors-your-lives-...

 

Hope this helps!

Cindy

 

 

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