Skip to content
Home » News » Crypto and taxes (Reddit Bitcoin)

Crypto and taxes (Reddit Bitcoin)

Ive had a little crypto that I started buying here and there years ago. I dabbled, traded some (attempted but failed dismally) and altogether lost more than gained. I’d taken some money back out by selling and trying to recoup some of thr money spent but overall, still down alot from what took out versus what put in.

I didn’t claim that on taxes as I’ve never made an actual profit. The tax return asks if bought crypto but I said no as said say no if bought with fiat.

My questions are:

Will answering no on the previous years tax return going to lead to issues if I was at a loss those previous years?

If I finally decide to cash out on next bull run, can I just submit all trades, losses, profits, gains for all those years?

Praying I’ll be up one day and get some kind of gains at some point!

Not been buying, selling or trading for a year or 2. Just holding.

Will software figure out profit/loss? I moved crypto from one exchange to another so does this get figured into the equation?

Any software that can be helpful?

Thank you!

submitted by /u/rosebudlily
[link] [comments]

Leave a Reply