Crypto transactions

Forum|Forum|1 year ago
May 22, 2024
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I have numerous bitcoin transactions that are not trades into or out of dollars. Many of them are prior to any expectation keeping a dollar basis, and no dollar amount was recorded. (2015). Later trades were made for products and services that were not valued in dollars. I don't even have records of the dates and amounts. What is expected of me in compliance to current law?

Ask the Experts - Biz Tax - May 2024

FranklinF

It is VERY IMPORTANT to keep a record of the basis of your digital assets as the IRS defaults to ZERO your basis in the absence of records. Just to be clear even if your service provider did NOT make available a Tax Form, you are still obligated to report the income made transacting digital currency. Should you have the history of the transactions, you should be able to reconstruct a Tax Form for your transactions, if you do not have one.

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