In today’s issue, we get ready for tax time as Anthony Tuths from KPMG provides an overview of crypto tax preparation and the rules to follow.
Then, Layne Nadeau from NVAL answers questions about taxes and NFTs in Ask and Expert.
– Sarah Morton
Tax time – What You Need To Know About Crypto Taxes
The 2024 tax year has come to a close, and tax filing season is now upon us. If you’ve been trading crypto, there are some things you need to consider. The first is, be sure not to waste time. While a large U.S. centralized exchange may provide you with an IRS Form 1099, other exchanges likely will not, so you will need time to organize your own tax records. Moreover, even if the exchange provides you with a 1099, it likely will not have cost basis information. And most non-U.S. exchanges and DeFi protocols will not provide you with tax information.
In order to compute accurate gains and losses, you will need to have accurate trading…
