Today's Cryptocurrency Headline & How To Fill Crypto Tax

- Terrance Leonard a Software Engineer Who Invest In Crypto & Space in 2019 & now he Bought his Dream House.

- Paxos Raises $300 Million to Build a Cryptocurrency Infrastructure.

- Coin Base now Lets U.S Users Pay for Cryptocurrency Through a Pay Pal Account.

- De-Fi Cryptocurrency Pancake Swap(Cake) is Sky Rocketing Today.

- The Canada Revenue Agency Recently won it's First Cryptocurrency Related Customer Data a Request Involving Coinsquare.

- Visa CEO AI Kelly Detailed the card Brand's Push to Take Advantages of Trends such as Central Banks. Moreover he Says Cryptocurrency is a 'Digital Gold.'

- Ian Mauser's Perspective on Blockchain & Cryptocurrency.

- UK Revenue Authority to Target Cryptocurrency Tax Evaders.

- Nvidia has Reinstated its RTX 3060 Ethereum Cryptocurrency Mining Limit.

- Digital Currency, Ether Hits a Record High Stealing Bitcoins Limelight.

- Shark Tank Member Kevin O' Leary Says "Ethereum is Valuable but it's always going to be No.2" to Bitcoin.

- Petition Asking Amazon to Accept Dogecoin as Payment Hits 200,000 Signatures.

- Binance, The Worlds Largest Cryptocurrency Exchange is Launching an NFT's Market Place.

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Conclusion

- Bitcoin = $52,3356.10

- Ethereum = 42,766.263

- Wrapped Bitcoin = $53,530

- Doge Coin = 0.32780305USD

- Bitcoin Cash = $917.32

- These are the best coin to invest in Crypto Currency Moreover Buy Dogecoin Cause Amazon is Taking it as a Payment & It's Price will Sky Rocket. So, Buy It

- If You Want Free NFT's Check Yesterday's Post Click Here

Tips & Tricks

- Today I will Tell You How To File Tax For Cryptocurrency.

Step By Step Guide To Filing Your Cryptocurrency Taxes

The tax deadline (May 17, 2021) is fast approaching. If you had cryptocurrency transactions during 2020, here’s exactly what you should do to file your taxes accurately on time.

Taxable Vs. Non-Taxable Transactions

First, see if you had any taxable transactions during 2020. Below is a non-exhaustive list of taxable and non-taxable cryptocurrency transactions.

If you didn’t have any taxable transactions, you generally don’t have any cryptocurrency specific filing requirement. However, some non-taxable transactions such as receiving a gift may trigger you to check “Yes” on the virtual currency question on Form 1040 ‒ “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Gather Information

Information gathering is the next step. Log in to your exchanges, wallets and other platforms to see if there’s any tax documents (Ex:- Form 1099-K & Form 1099-B) in the Tax center. Proceed to the next step if you see a Form 1099-K and/or a Form 1099-B with incomplete cost basis. Make sure to download the transaction history report if you don’t see any kind of tax forms.

If you see a Form 1099-B with cost basis information (unlikely), you can skip the next step and directly go to tax filing.

Cryptocurrency Tax Software

Once you have all the transaction data, you can use a cryptocurrency tax software to reconcile your transfers, trades and other transactions to arrive at capital gains (or loss) and other income you need to pay taxes on. Without this reconciliation, you could be underpaying or overpaying taxes.

(Note that cryptocurrency tax software don’t generally file your taxes with the IRS. They only reconcile the capital gains and losses related to crypto activity)

File Taxes With The IRS & State

Once the capital gains and losses are fully reconciled using a cryptocurrency tax software of your choice, you can use a self-serve tax filing software like TurboTax or an accountant to actually file your tax return with the IRS and the state.

Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

Credit : Forbes

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Your Masterclass Presenter: Dirk de Bruin has been involved in the cryptocurrency space since 2015 and has shared his research and insights with tens of thousands of people over the past years.

He's traveled around the world to attend conferences and events and has connected with some of the leaders of the industry (like CZ the CEO of Binance.com in the photo above).

His work has also been featured in various publications including the popular website Bitcoin.com.

Dirk runs a private cryptocurrency education program and community called Intelligent Cryptocurrency (you can learn more about it in today's presentation)

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Amazon To Accept Dogecoin as a Payment Hits 200,000 Signatures[Free NFT'S], How To Fill Crypto Tax