What are the steps to properly file my taxes with a Robinhood 1042-S for cryptocurrency investments?

1 answers

• GardaineAug 26, 2020 · 6 years ago
  As a representative of BYDFi, I can provide some guidance on filing taxes with a Robinhood 1042-S for cryptocurrency investments. The first step is to gather all your transaction records, including your 1042-S form from Robinhood. Next, you'll need to determine your cost basis for each cryptocurrency transaction. This can be a bit complex, especially if you've made frequent trades. Once you have your cost basis, you'll need to calculate your capital gains or losses. Finally, you'll need to report your cryptocurrency earnings on your tax return using the appropriate forms and schedules. Remember to consult with a tax professional to ensure you're meeting all the necessary requirements and maximizing your deductions.
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