Any CPAs that specialize/knowledgeable in crypto in SE LA?

If you sold at a gain on anything bought a year or more, hold 25% to pay Uncle Sam. Report your gain on sch d.

Don’t make this any more complicated than necessary.

Personally, I hate when crypto comes across my desk because I don’t understand it well enough and reports for it are like another language compared to a 1099-CONS. Most of my peers feel the same. Try to do most of the leg work yourself by making a spreadsheet recapping transactions or hire someone else to do it as recommended above. Keep it as simple as possible. You need:
- Description of what was sold
- Purchase Date
- Purchase Cost
- Sale Date
- Sale Cost

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If you sold at a gain on anything bought a year or more, hold 25% to pay Uncle Sam. Report your gain on sch d. Don’t make this any more complicated than necessary.

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Crypto doesn’t have to be complicated, but nothing about your advice is accurate.

cmrtax

I need this help too. I dont trade but I did buy and hold previously. I had synced my accounts with a tax service, but binance, binance.us, and kucoin all got banned in the US; so now that is a mess. I had to sell some to get it off if those exchanges AND i had done some staking on Kucoin…so I need to figure something out.

I don’t know anything about bitcoin, but why would the services that trade/ buy/ sell them not do this for you like equities companies do?

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Educate me then. What would you recommend and what is wrong about my advice?

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You don’t just calculate gains, and you don’t just calculate assets sold after a year. You have to account for all sold assets, regardless of timeframe. You separate them by one year or less and greater than a year. You potentially can aggregate them, but you need to know the individual sales first.

You also pay various tax rates on the net short and long term gains. Short term gains are taxed at ordinary income levels. Long term gains are taxed at either 0%, 15%, or 20%. You may also owe a Medicare surcharge tax of 3.8%.


So yeah, your advice was inadequate at best.