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Crypto Reporting


Hi everyone,


If you have a position in crypto, this is for you....


Last year reporting requirements for crypto was a little dicey. Many of you didn't receive a 1099-B from your brokerage for any crypto positions that were sold. Instead you received a gain/loss report requiring you to estimate what your crypto gains and losses were.


Reporting requirements are beginning to become more strict. Starting in 2023, brokerages are required to send out form 1099-B for any crypto gains and losses. This means that many brokerages will not be sending out 1099-B's until 2024 for the 2023 tax year.


Since reporting crypto gains/losses for the 2022 tax year will most likely be just like last year my suggestion is to keep track of all sales you make throughout the year. This way come tax time you have a record and aren't scrambling to go back and find every position that was sold.


Hope this helps. If there are questions, let me know.

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