What are the tax reporting requirements for U.S. residents trading on Binance.us?

1 answers

• Nov 27, 2021 · 3 years ago
  As an expert in the field, I can tell you that the tax reporting requirements for U.S. residents trading on Binance.us can be quite daunting. However, it's crucial to stay compliant with the IRS regulations to avoid any trouble. U.S. residents need to report their cryptocurrency transactions on Form 8949 and Schedule D of their tax return. They should report each transaction separately, including the date of acquisition, the date of sale, the cost basis, the proceeds, and the resulting gain or loss. It's also important to keep track of any fees or commissions paid during the trading process, as they can be deducted from the gains. Remember, accurate record-keeping is key when it comes to tax reporting for cryptocurrency trading.
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