🚨 Crypto News Flash! 🚨

Think crypto is anonymous? Think again! 💡 As we head into 2024, it's crucial to know that crypto income is taxable. Here’s a quick guide:

- **Understand Taxable Events**: Trading, purchasing goods, selling, mining, and even luck-based games can trigger taxable events.

- **Calculate Gains & Losses**: Track cost basis and fair market value to report capital gains/losses accurately.

- **Federal vs. Local Taxation**: IRS treats crypto as property; state rules vary.

- **Keep Detailed Records**: Use forms like 1040, 8949, and Schedule D.

Got questions? Drop them in the comments! 💬

#CryptoTax #IRS #Crypto2024