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March 17, 2021
Question

I traded on Binance in 2020. Since I am a US user, I've been banned from that account due to their new regulations. I made < $1,000 in profits. How should I file this?

  • March 17, 2021
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1 reply

March 22, 2021

Yes, you are required to report any transactions of trade starting at $1 in proceeds or traded value.  Cryptocurrency is treated like an investment sale for tax purposes. The net profit is not the determining factor for reporting, as the IRS will not know your cost basis.

 

The information to include this with your tax return can be found at this link:

 

 

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