What to Know About Cryptocurrency and Taxes

What to Know About Cryptocurrency and Taxes

Ann Carrns��Reporting on the 2021 Tax Season

The federal income tax return asks a question about crypto right at the start:  “At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency?”

If you bought cryptocurrency and held onto it, you can answer “no.”

But if you sold or traded crypto or used it to buy goods or services, the answer is “yes,” and you may need to provide details elsewhere on the return.

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