If you invest in digital assets like bitcoin, do this on your taxes
CNN
If you’re a crypto investor or have been paid in bitcoin or other cryptocurrency for your services, you’re going to have to report your taxable transactions on your 2023 tax return, which for most people comes due April 15.
If you’re a crypto investor or have been paid in bitcoin or other cryptocurrency for your services, you’re going to have to report your taxable transactions on your 2023 tax return, which for most people comes due April 15. And — no surprise — you’re also obligated to pay tax on any income or gains you received from your crypto assets last year. The wrinkle is that there are still questions surrounding the rules for tax reporting and the calculations needed in that reporting. While 2023 was supposed to be the year, for instance, that third-party reporting requirements went into effect for crypto brokerage platforms to report on their customers’ transactions to the IRS, the IRS has hit pause on enforcing those rules until the Treasury issues its final regulations, said Miles Fuller, a senior director at crypto tax advisory firm TaxBit. Fuller previously worked at the IRS as senior counsel specializing in virtual currency issues. Despite the temporary enforcement reprieve, you may have received tax forms from some third-parties. But even if you didn’t, you are still on the hook to be honest with the IRS about your crypto transactions. “It still falls to you to make sure you’re reporting the information,” Fuller said. For starters, that means answering the question on the first page of your federal 1040 tax form that asks: “At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
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