![]() That means that TaxAct may have trouble determining your cost basis for crypto disposals and calculating your capital gains and losses. While TaxAct does allow users to file crypto taxes, the platform does have limitations.īecause TaxAct is not a native crypto tax calculator, the platform does not have automatic integrations with prominent exchanges. Examples include earning staking, mining, or airdrop rewards.įor more information, check out our complete guide to crypto taxes. Income tax: If you earn cryptocurrency, you’ll recognize ordinary income based on the fair market value of your coins at the time you received them. Examples of disposals include selling cryptocurrency or trading it for other cryptocurrencies. ![]() Remember, cryptocurrency is considered property by the IRS and is subject to capital gains and income tax.Ĭapital gains tax: If you dispose of cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has fluctuated since you originally received it. Do I report buying cryptocurrency on my taxes? In this guide, we’ll cover the basics of cryptocurrency taxation and share a simple step-by-step process that can make filing your crypto taxes on TaxAct easier than ever. While the platform wasn’t built specifically for cryptocurrency, it can help crypto investors report taxes on their holdings. ![]() ![]() TaxAct helps millions of customers navigate tax season. Are you trying to report your cryptocurrency taxes on TaxAct? ![]()
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