Are tax prep fees for cryptocurrency traders deductible?

1 answers

• May 11, 2022 · 3 years ago
  Yes, tax prep fees for cryptocurrency traders are deductible. As a cryptocurrency trader, you can deduct the fees you paid to a tax professional or tax software to help you prepare your tax return. These fees are considered a business expense and can be deducted from your taxable income. However, it's important to keep accurate records of your expenses and consult with a tax professional to ensure you are claiming the deductions correctly and in compliance with the IRS guidelines.
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