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

1 answers

• Kevin WangJan 08, 2021 · 5 years ago
  As a representative of BYDFi, I can provide some insights on the documentation required to support your tax deduction for crypto losses. Firstly, it's essential to maintain a record of all your cryptocurrency transactions, including details such as the date, time, and value of each transaction. This documentation should cover buy and sell orders, trades, and transfers. Additionally, keep track of any fees or commissions incurred during these transactions. It's also advisable to have evidence of the decrease in value of your cryptocurrencies, which can be supported by screenshots or statements from your crypto exchange. By having these documents in order, you can ensure that you have the necessary documentation to support your tax deduction claim for crypto losses.
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