Crypto on your tax return?

[MisterSuperGod]

i just realized that i sold some BTC last year and was supposed to claim it on my federal tax return. Well... i didn't.

How was i supposed to know? i figured i'd be sent a tax form from the exchange. i have to claim naivety on this one. i feel i shouldn't be held accountable. LOL

No, really though, it wasn't anything big. $125. Should i assume my return will be held up or decreased to account for the few bucks that i owe on it?

Any one else here drop the ball this year?
Any experiences to share?

 

[MindlessWork]

You only get a tax form from the exchange if you bought or sold a total of $600 or more. Don't think anything under that gets reported so that's kind of flying under the radar. I just been letting my tiny bitcoin holdings ride as have $150 in my wallet now up from 30.

 

[T&H]

i just realized that i sold some BTC last year and was supposed to claim it on my federal tax return. Well... i didn't.

How was i supposed to know? i figured i'd be sent a tax form from the exchange. i have to claim naivety on this one. i feel i shouldn't be held accountable. LOL

No, really though, it wasn't anything big. $125. Should i assume my return will be held up or decreased to account for the few bucks that i owe on it?

Any one else here drop the ball this year?
Any experiences to share?

I actually filed last year, then 3 weeks later got some tax form from cash app with multiple transactions I made. Never caused a problem with last year's return.

 

[MadBret]

The wife and I bought $1000 last year to hodl. As of this posting, it's worth $750...do you think I can get a write off for that? LOL

 

[MindlessWork]

The wife and I bought $1000 last year to hodl. As of this posting, it's worth $750...do you think I can get a write off for that? LOL

No I am not sure if you can record losses on crypto...yet

 

[Millard]

How was i supposed to know?

Maybe I am biased but I hear MESO has a pretty good crypto subforum

No I am not sure if you can record losses on crypto...yet

Yes, it's just like any other capital asset (as of now) and any sale is realized as a capital gain or loss

 

[T&H]

i just realized that i sold some BTC last year and was supposed to claim it on my federal tax return. Well... i didn't.

How was i supposed to know? i figured i'd be sent a tax form from the exchange. i have to claim naivety on this one. i feel i shouldn't be held accountable. LOL

No, really though, it wasn't anything big. $125. Should i assume my return will be held up or decreased to account for the few bucks that i owe on it?

Any one else here drop the ball this year?
Any experiences to share?

Hey, so I held off filing taxes this year until I got the 1099-B from cash app since I lost money on stocks. I looked into this a little further.

The form cash app provides goes to the IRS, however they only provide the total of what bitcoin you sold. They don't provide specifics such as net loss or gain, that falls on the individual to determine and provide on the tax form. I'd imagine it would take a lot of work for the IRS to try and prove everyone's btc was taxable if a user does not report it. I looked at a few of my transactions and I lost and gained money. I need to figure that out along with my stock losses, as I have a net loss total.

Anyways, just a FYI. Apparently other Crypto apps provide the same form which follows the same thing that the individual is responsible for the impact.

 

[Desibaba]

I didn’t get a 1099 from Coinbase pro from 2021 and im tired of waiting. I’ll be doing my taxes without it. If they want the tax money I’ll wait till the IRS asks for it. Tired of jumping through hoops.