It is important for taxpayers to report their cryptocurrency losses on their taxes. Failing to do so may result in penalties from the Internal Revenue Service (IRS). Cryptocurrencies are considered property by the IRS, so investors must report any losses or gains on their taxes. If a taxpayer has a net loss for the year, […]
How To Calculate Crypto Losses
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can […]
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