Are there any specific guidelines for deducting tax prep fees for cryptocurrency traders?

1 answers

• Jennifer ScottSep 30, 2022 · 3 years ago
  Yes, you can deduct tax preparation fees as a cryptocurrency trader. However, it's important to note that these fees fall under miscellaneous deductions, which means they are subject to a 2% of adjusted gross income (AGI) floor. This means that you can only deduct the portion of your tax preparation fees that exceed 2% of your AGI. Make sure to keep track of all your expenses and consult with a tax professional to ensure you are following the guidelines set by the IRS.
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