What is the process for reporting Robinhood cryptocurrency gains on my tax return?

1 answers

• Nov 23, 2021 · 3 years ago
  When it comes to reporting gains from cryptocurrency trading on your tax return, the process can vary depending on the platform you use. However, I can provide some general guidance. First, you'll need to gather your trading records from Robinhood, including your transaction history. This information is usually available for download in a CSV format. Next, you'll want to calculate your gains or losses for each trade. This involves determining your cost basis, which is the amount you paid for the cryptocurrency, including any fees or commissions. Subtract the cost basis from the sale price to calculate your gain or loss. Finally, you'll report your gains or losses on Schedule D of your tax return, along with any other required information. It's always a good idea to consult with a tax professional for personalized advice based on your specific situation.
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