Cryptocurrency taxes seem complex for many individuals and hence often go unfiled even though all cryptocurrency trades are taxable.
The IRS’s focus continues to shift towards cryptocurrency taxes, making it extremely important to pay them. As with other types of tax fraud, nonpayers face prison and fines.
Paying cryptocurrency tax is similar to paying any other type of capital gains or income tax, except the investor must compile all of the trade information.
These seven tips can help cryptocurrency owners prepare for tax season.