What are the tax implications of using Robinhood for IRA matching with cryptocurrencies?

1 answers

• Nov 28, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the tax implications of using Robinhood for IRA matching with cryptocurrencies. The IRS treats cryptocurrencies as property, which means that any gains or losses from cryptocurrency investments made through Robinhood for IRA matching purposes are subject to capital gains tax. It's important to keep accurate records of your transactions, including the purchase price, sale price, and date of each transaction. When it comes to tax reporting, it's crucial to report your cryptocurrency investments accurately on your tax return. Failure to do so could result in penalties or audits from the IRS. If you have any specific questions or concerns about the tax implications of using Robinhood for IRA matching with cryptocurrencies, it's best to consult with a tax professional who can provide personalized advice based on your individual circumstances.
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