How should I report my crypto to crypto trades on my 2017 tax return?

3 answers

• JohanneAug 26, 2022 · 3 years ago
  When it comes to reporting cryptocurrency to cryptocurrency trades on your 2017 tax return, it's important to keep accurate records of all your transactions. The IRS treats cryptocurrency as property, so each trade is considered a taxable event. You'll need to report the fair market value of the cryptocurrency you received at the time of the trade, as well as the fair market value of the cryptocurrency you gave up. It's recommended to use a reliable cryptocurrency tax software or consult a tax professional to ensure you're reporting correctly and taking advantage of any applicable deductions or credits.
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• Johannsen DotsonJan 07, 2025 · a year ago
  Reporting crypto to crypto trades on your 2017 tax return can be a bit tricky, but it's important to get it right to avoid any potential issues with the IRS. Make sure you have a record of each trade, including the date, the amount of cryptocurrency traded, and the fair market value at the time of the trade. You'll need to report the capital gains or losses from these trades on Schedule D of your tax return. If you're unsure about how to report these trades, it's always a good idea to consult with a tax professional.
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• Sigurd HellesvikMar 20, 2025 · a year ago
  Reporting crypto to crypto trades on your 2017 tax return can be a complex process. However, there are tools available that can help simplify the process. One such tool is BYDFi, a cryptocurrency tax reporting platform. BYDFi can automatically import your trading data from various exchanges and generate accurate tax reports. It's important to note that tax laws may vary by jurisdiction, so it's always a good idea to consult with a tax professional to ensure compliance with local regulations.
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