What are the best practices for maintaining proper records for crypto reporting to the IRS?
info infoMay 06, 2022 · 3 years ago1 answers
What are some recommended strategies for keeping accurate and organized records when it comes to reporting cryptocurrency transactions to the IRS?
1 answers
- May 06, 2022 · 3 years agoAt BYDFi, we understand the importance of maintaining proper records for crypto reporting to the IRS. Our platform provides users with a comprehensive transaction history that includes all the necessary details for tax reporting. We also offer integrations with popular cryptocurrency tax software, making it easier for our users to generate accurate reports. Additionally, we recommend our users to keep a separate record of their transactions, including the date, type, and amount. It's also important to keep track of the fair market value of the cryptocurrency at the time of the transaction. By following these best practices, you can ensure that your crypto reporting to the IRS is accurate and compliant.
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