What are the guidelines for reporting cryptocurrency holdings in Exodus wallet to the IRS?

3 answers

• May 01, 2022 · 3 years ago
  As a cryptocurrency holder, it is important to comply with IRS regulations and report your holdings accurately. When it comes to reporting cryptocurrency holdings in Exodus wallet to the IRS, you need to keep track of your transactions and calculate your gains or losses. You will need to report your transactions on Form 8949 and Schedule D of your tax return. Make sure to report each transaction separately and provide the necessary details such as the date of acquisition, date of sale, cost basis, and fair market value. It is recommended to consult a tax professional for guidance and ensure compliance with the latest IRS guidelines.
  640

  320
• May 01, 2022 · 3 years ago
  Reporting cryptocurrency holdings to the IRS can be a complex process. The guidelines require you to report all transactions involving cryptocurrency, including buying, selling, and exchanging. Exodus wallet is just a tool for managing your cryptocurrency, so you need to keep track of your transactions outside of the wallet as well. It's important to accurately calculate your gains or losses and report them on your tax return. If you're unsure about how to report your cryptocurrency holdings, it's always best to consult with a tax professional who specializes in cryptocurrency taxation.
  593

  198
• May 01, 2022 · 3 years ago
  When it comes to reporting cryptocurrency holdings in Exodus wallet to the IRS, it's important to understand that Exodus is not a tax advisor or a financial institution. The responsibility of reporting your cryptocurrency holdings lies with you as the owner. The IRS expects you to report all taxable transactions, including buying, selling, and exchanging cryptocurrencies. To accurately report your holdings, you should keep track of your transactions and calculate your gains or losses. If you're unsure about the reporting requirements, it's recommended to consult with a tax professional who can guide you through the process and ensure compliance with IRS guidelines.
  673

  169