How can I report my cryptocurrency trades on my taxes if I received a 1099-B from Robinhood?

1 answers

• divinemartialJan 18, 2022 · 4 years ago
  Reporting your cryptocurrency trades on your taxes can be a daunting task, but it's necessary to stay compliant with the IRS. If you received a 1099-B from Robinhood, it means they have reported your trades to the IRS as well. To report your trades, you'll need to fill out Form 8949 and Schedule D. On Form 8949, you'll enter the details of each trade, such as the date, the cost basis, the proceeds, and the gain or loss. Once you've completed Form 8949, you'll transfer the total gain or loss to Schedule D. If you're unsure about how to report your trades, consider consulting a tax professional who specializes in cryptocurrency taxes for guidance.
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