Why You Need To Report Cryptocurrency On Your Taxes

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
Why You Need To Report Cryptocurrency On Your Taxes

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
Cryptocurrency. It is everywhere nowadays. And one of the Tax Questions on your tax return is, “Do you own cryptocurrency?” And many people will say, “No.” And then I find out later they tell me, “Well, I had a little bit I’ve never done anything with it.” The question is pretty simple. If you own it, you need to say yes, if you’re buying, selling, trading, or bartering it is income. If you do not report it is tax fraud. It’s that simple. So you need to make sure if you are using or buying into or holding cryptocurrency that you answer the question, “Yes,” and if you’re buying or selling it, treat it like a stock. Make sure you’re reporting all of your gains and losses.

Announcer 0:51
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