One month to Tax Day: How to report your crypto to the IRS
Don’t let April 15 sneak up on you
With another year’s worth of Pi Day memories behind us, it’s time to look ahead a month to the next notable day of numeracy: Tax Day. If you found your way to this post, it’s because you:
1) Really like BX3 Capital (thanks!)
2) Are a crypto enthusiast; and/or
3) Need to file your taxes.
If any or all of the above is true, Adnan Akhand, BX3’s vice president of accounting and compliance, has got you covered with his post for Cryptoweek on his experiences as an accountant specializing in crypto. A couple of his key takeaways:
1) As it’s generally the most conservative approach to accounting, the FIFO method is a safe choice when calculating your crypto books.
2) As is the case for accounting for, well, pretty much anything, get your paperwork in order sooner than later.
Want the details on more — including how to factor in airdrops and forks? Head over and find out how to handle cryptocurrencies on your tax return.
Bonus round: BX3’s partner Mike Minihan was the guest on today’s episode of Tax Notes Talk, the podcast of leading tax trade publication Tax Notes, where he discussed with host and Tax Notes editor David Stewart all things crypto tax regulation.