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5️⃣ reasons to file your crypto taxes ⬇️ https://t.co/i2RdUTFIOw
Can you jump between FIFO, LIFO, and HIFO when calculating crypto capital gains/losses? 🧵 1/ The IRS allows you to use a Specific ID on crypto. This means you can pick and choose whichever units you are selling as long as you have detailed records. See the 4 criteria of… https://t.co/JlyCD2ZxoX
President Biden's proposed crypto tax plan includes a 30% tax on crypto mining, sparking discussions among cryptocurrency influencers. The price of bitcoin has reached record highs, prompting the need for understanding crypto taxes for buyers and sellers. Users are seeking guidance on navigating DeFi taxes in 2024 and realizing the limitations of exchange-generated tax reports.
