What are the steps to report Kraken earnings to the IRS?

1 answers

• Jessen StevensAug 06, 2024 · a year ago
  When it comes to reporting your Kraken earnings to the IRS, it's important to be thorough and accurate. Start by organizing your transaction history and any relevant documents. Next, calculate your gains or losses from your Kraken trades. You can use a cryptocurrency tax software like CoinTracker or consult a tax professional for assistance. Once you have your gains or losses calculated, fill out the appropriate tax forms, such as Form 8949 and Schedule D. Make sure to include all the necessary information and double-check your entries before submitting your tax return. Remember, failing to report your earnings accurately can result in penalties or audits from the IRS. If you're unsure about any step of the process, it's always best to seek professional advice.
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