What is the tax form that Tamara needs to use to report the income from selling crypto in 2024?

3 answers

• Sadık Mert DincelMar 20, 2022 · 4 years ago
  To report the income from selling crypto in 2024, Tamara should use Form 8949 and Schedule D. Form 8949 is used to report capital gains and losses from the sale of assets, including cryptocurrencies. Schedule D is used to summarize the capital gains and losses reported on Form 8949 and calculate the overall capital gain or loss for the year. When filling out Form 8949, Tamara needs to provide details of each cryptocurrency sale, including the date of sale, the purchase price, the sale price, and any associated fees. It's important to accurately report all crypto sales to ensure compliance with tax regulations.
  617

  309
• tim strongApr 17, 2022 · 4 years ago
  Tamara, you'll need to use Form 8949 and Schedule D to report your income from selling crypto in 2024. Form 8949 is where you'll list all the details of your cryptocurrency sales, such as the date of sale, the purchase price, the sale price, and any fees involved. Schedule D is where you'll summarize the gains and losses reported on Form 8949 and calculate your overall capital gain or loss for the year. Make sure to accurately fill out the forms to avoid any potential issues with the IRS. If you're unsure about any specific details, it's always a good idea to consult with a tax professional.
  598

  200
• Imran AnsariMar 14, 2024 · 2 years ago
  To report the income from selling crypto in 2024, Tamara should use Form 8949 and Schedule D. These forms are provided by the IRS and are specifically designed for reporting capital gains and losses from the sale of assets, including cryptocurrencies. It's important to accurately report your crypto sales to ensure compliance with tax regulations. If you have any questions or need further assistance with filling out the forms, you can reach out to BYDFi's tax support team who can provide guidance and help you navigate the process.
  535

  134