What are the IRS requirements for reporting cryptocurrency investments on Robinhood?

1 answers

• Rinka_58Sep 24, 2020 · 5 years ago
  As a third-party platform, BYDFi does not have access to your Robinhood account or transaction history. However, based on IRS requirements, you are responsible for reporting your cryptocurrency investments on Robinhood. The IRS treats cryptocurrency as property, and any gains or losses from cryptocurrency transactions are subject to capital gains tax. To report your cryptocurrency investments on Robinhood, you need to include the date of each transaction, the type of cryptocurrency involved, the fair market value of the cryptocurrency at the time of the transaction, and any gains or losses incurred. Use Form 8949 to report your capital gains or losses, and Schedule D to calculate your overall capital gains tax liability. It's important to consult with a tax professional for personalized advice and guidance on reporting your cryptocurrency investments on Robinhood.
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