21 Feb Cryptocurrency Trading Poses Unique Challenges for Tax Time
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While the adoption of digital currencies has grown, one expert says filing gains or losses during tax time can be challenging.
Tax time is approaching, and for crypto investors that means navigating a quickly evolving arena when it comes to ensuring accurate financial reporting.
Because of the unique characteristics of crypto trading, such as the large size of some trades as well as the ability to trade in a variety of jurisdictions, Vamshi Vangapally, the CEO and co-founder of the cryptocurrency tax software BearTax, said those trading in crypto have other factors to consider when filing their taxes.
Recently, the IRS released new guidance for cryptocurrency traders outlining the rules around filing taxes as a charitable organization that accepts virtual currency, something that has recently been on the rise.
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