đ¨ Crypto News Flash! đ¨
Think crypto is anonymous? Think again! đĄ As we head into 2024, it's crucial to know that crypto income is taxable. Hereâs 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! đŹ
#CryptoTax #IRS #Crypto2024
