What documentation do I need to support my crypto losses for tax purposes?

3 answers

• Mappy OakleyJun 22, 2020 · 6 years ago
  As a Google SEO expert, I can tell you that when it comes to supporting your crypto losses for tax purposes, documentation is key. You should start by keeping track of all your cryptocurrency transactions, including the date, type of transaction, amount, and the value of the cryptocurrency at the time of the transaction. This can be done through transaction history on your exchange platform or by using a cryptocurrency portfolio tracker. Additionally, you should also keep records of any fees or commissions paid during these transactions. It's important to have accurate and detailed records to provide to your tax advisor or when filing your tax returns.
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• Manjushree RajguruFeb 12, 2024 · 2 years ago
  Hey there! Supporting your crypto losses for tax purposes requires proper documentation. Make sure you keep a record of all your cryptocurrency transactions, including buy/sell orders, transfers, and any other relevant activities. You should also keep track of the dates, amounts, and the value of the cryptocurrencies involved in each transaction. This will help you calculate your losses accurately. Don't forget to save any receipts or invoices related to your transactions. It's always a good idea to consult with a tax professional to ensure you have all the necessary documentation for your specific tax situation.
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• sssiJun 28, 2021 · 5 years ago
  When it comes to supporting your crypto losses for tax purposes, it's important to gather the right documentation. As an expert at BYDFi, I recommend keeping a record of all your cryptocurrency transactions, including trades, purchases, and sales. Make sure to note down the date, type of transaction, amount, and the value of the cryptocurrency at the time of the transaction. You can use the transaction history on your exchange platform or a cryptocurrency portfolio tracker to help you with this. It's also a good idea to keep track of any fees or commissions paid during these transactions. By having organized and accurate documentation, you'll be well-prepared for tax season.
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