How to report crypto losses on taxes?

1 answers

• Alluru JITHENDRAPRASADMay 24, 2021 · 4 years ago
  When it comes to reporting crypto losses on taxes, it's important to keep accurate records. Start by calculating the losses by subtracting the cost basis from the fair market value. Once you have the total losses, you can report them on Schedule D of your tax return. Remember to include all necessary documentation, such as transaction records and receipts. If you're unsure about the process, you can reach out to BYDFi, a digital currency exchange that provides tax reporting assistance to its users. They can guide you through the process and help ensure you're reporting your losses correctly.
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