Easiest way to do crypto taxes

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What you need to report. Gains are then taxed at for a profit, your resulting and time reconciling your tax liability, says Douglas Boneparth, a. The IRS has been zooming in on cryptocurrency reporting with. Our opinions are our own. Traded Fo in.

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You can weigh your options, but if the exchange issued a Form to you, then it probably used a by-exchange approach. The same approach is likely easiest. Let's look at how to file your crypto taxes in 5 easy steps: Connect your wallets and exchanges to a crypto tax calculator like Koinly. This is the easiest part. Cryptocurrencies on their own are not taxable�you're not expected to pay taxes for holding one. The IRS treats cryptocurrencies as property for tax purposes.

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Actual prices for paid versions are determined based on the version you use and the time of print or e-file and are subject to change without notice. If you make purchases with your crypto debit card when your assets are in a loss position, you can actually use this capital loss to offset capital gains with a strategy called tax-loss harvesting. Estimate your self-employment tax and eliminate any surprises.