I purchased some cryptocurrencies a few years ago. I don't remember what the value of each currency was when it was purchased but their current overall value compared to what it was when I purchased them has been cut by about 50%.
This year, I moved most of these currencies to a different platform/company/wallet.
and I purchased a couple of additional currencies and paid for them with USD
What am I required to report on this year's taxes in relation to crypto?
For Tax Year 2021, moving crypto from one wallet to another is not reportable.
Purchasing Crypto is also not reported.
What IS reported is the gain or loss on the Cryptocurrency when you trade or sell.
The gain or loss is the difference between what you paid (Basis) and what you sell it for (or the value of the crypto you trade it for).
You also need to report Crypto if you earn it, or if given as an incentive or Air Drop.
Therefore, you need to keep a record of the value of the cryptocurrency (in US Dollars) when you purchase or earn them so that you can report the gain or loss when disposed of.
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