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MIMA1000
New Member

Crypto tax reporting question

My husband and I file our tax jointly. I barely started to trade on crypto and I was wondering if I can report and pay my crypto tax separately while still report all other things jointly?and how if possible? Also I f I just started trading in Crypto on October, should I report the gain and loss next tax year on 2022 or the year after? Thank you so much for any help you can provide

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3 Replies

Crypto tax reporting question

you should have your own account, not a joint account, at the brokerage.

If you file jointly, all your and your spouse's income, including capital gains/losses are reported combined.

Crypto tax reporting question

If you file a joint tax return then ALL of your joint income goes on the same tax return.   You cannot keep your crypto income separate and file a separate tax return for it.  Your 2021 income goes on your 2021 tax return.   Income you receive in 2022 will go on a 2022 tax return. As for what bank account you use for it, that is irrelevant as far as your tax return goes.   

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
rjs
Level 15
Level 15

Crypto tax reporting question

You have a gain or loss each time you sell cryptocurrency. You have to report the gain or loss from each sale in the year of the sale.


For income tax reporting, cryptocurrency is treated the same as stocks.


Go to the following links on the IRS web site for more information.


Virtual Currencies


Frequently Asked Questions on Virtual Currency Transactions

 

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